Canadians Claiming The CRB May Have To Pay It Back & Interest Could Even Be Added
Be prepared for tax time! 💰
If you’re earning over a set amount but still claiming thecould be just around the corner!
According to the federal government, the Canada Recovery Benefit (CRB) may need to be paid back by some claimants and interest will be charged for late payments, too.
It’s also worth keeping in mind that, even if 10% of the money is already withheld at source.
[...] There is a difference in how much you can keep if you earn more than $38,000 in the calendar year.
Government of Canada
As part of the application process for the CRB, the government explains that anyone who earns over $38,000 per year (excluding the benefit) will be required to
For every dollar of net income earned above this amount, $0.50 of the CRB will have to be reimbursed.
While recipients won’t have to pay back more than their benefit amount for that year, it will be due at tax time.
“Late payments will be charged interest,” explains the government.
If your net income is $38,000 or less, you won't be expected to repay the money. That said, you may still have to pay in taxes!
The CRB offers a $900 bi-weekly payment (post-tax) for up to 26 weeks.