CRB Repayments Are Coming Up For Some Canadians & Here's What You Need To Know

You may have to return the full amount, plus interest.💰

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Managing Editor, Canada

If you claimed the Canada Recovery Benefit (CRB), repayments could be just around the corner.

Now that tax filing season has officially kicked off, the federal government is reminding Canadians who claimed the CRB that some people will have to repay it.

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If you received the Canada Recovery Benefit (CRB), you may have to repay all or part of it. Government of Canada

If you claimed the CRB, but your net income after certain adjustments is over $38,000, you’ll be asked to pay back the benefit either in part or in full.

For every dollar of net income earned above $38,000, $0.50 of the CRB will have to be reimbursed, explains the Government of Canada.

No one will be required to repay more than their total benefit amount for the year, but it will be due at tax time.

Failure to pay on time will result in additional charged interest, reads the official CRB notice.

For those with a net income of less than $38,000, full repayments of the benefit will not be necessary.

That said, while a tax was withheld at source for the CRB, you may still owe additional taxes on it depending on your overall income for the year.

CRB Repayments Are Coming Up For Some Canadians & Here's What You Need To Know

Managing Editor

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