The CRA Wants Some Canadians To Pay Back The CERB Before 2021 & This Is How
It’s officially December, which means Canada Emergency Response Benefit (CERB) repayments could be on the horizon for some Canadians.
Back in October, the Canada Revenue Agency (CRA) confirmed that a number of Canadians had received double CERB payments, while others may have claimed the benefit incorrectly.
The agency explained that this money would need to be returned and said that up to 213,000 Canadians would be contacted to make repayments.
While it’s not a requirement, the CRA are urging those people to send the money back before December 31, 2020.
[...] We need to ensure that the CERB is kept only by people who are eligible.
Government of Canada
Need to repay #CERB? Make sure you do so before December 31st to avoid impacts to your T4. Here’s how:… https://t.co/HjYtymLRRu— Canada Revenue Agency (@Canada Revenue Agency) 1606763709.0
To repay the money, all you need to do is visit the Government of Canada website and confirm whether your payments came from the Canada Revenue Agency or Service Canada.
You can then return cheques via post, or return direct deposits via the government's “My Account” system.
You can even return the money via online banking, by adding the CRA as a payee!
If you did claim money you were ineligible for, or if you received double-payments, returning the CERB before 2021 will ensure that you don’t need to pay additional tax.
If you don’t owe the government any money, it’s worth keeping in mind that the CERB is taxable and experts are already advising Canadians to get prepared for tax-time.
While a significant number of people may be required to repay, a huge number already has! At the start of November, 920,000 CERB and CESB repayments had already been received.
While CRA will be sending letters to those who may owe money, the agency continues to remind Canadians to be wary of scammers, who may pose as officials and ask for repayments.