How are COVID-19 Personal and Business Relief Programs Taxed?
Covid-19 emergency financial help was given to many Canadian taxpayers in 2020. Now how do you know which ones are reported for income tax purposes and what issues arise from these programs?
The different programs to supported individuals are:
- Canada Emergency Response Benefit (CERB)
- New recovery benefits
- Canada Emergency Student Benefit (CESB)
- Special one-time payments
- Foreign benefits
Programs that supported businesses are:
- Canada Emergency Wage Subsidy (CEWS)
- Canada Emergency Rent Subsidy (CERS)
- 10% Temporary Wage Subsidy (TWS)
- Canada Emergency Business Account (CEBA)
- Canada Emergency Commercial Rent Assistance (CECRA)
If you are interested in learning more information on which of these programs is taxed and needs to be reported. visit the link below.
2020 round-up: Income tax impacts of key COVID-19 support programs (cpacanada.ca)
If you would like to set up a consultation call Marlies Y Hendricks, CPA at 416-766-3941.
The above information is of a general nature only and should not be relied upon for specific situations.