CERB was a federal program introduced by the Canadian government in response to the COVID-19 pandemic. It provided financial assistance to eligible individuals who lost their jobs or experienced a significant reduction in income due to the pandemic.
To report CERB payments on your income tax return, you’ll need to know the total amount of CERB payments you received in 2022.
You can find this information on your CRA My Account, or on the T4A tax slip that you received from the CRA. The T4A slip should be mailed to you by the end of February, and it will show the total amount of CERB payments you received in the following boxes:
Amounts in Box 201 can be claimed as a deduction. You can:
It's important to note that CERB payments (Box 200) are taxable, which means that you’ll have to pay taxes on the amount you received. Unlike most other social assistance payments, the government did not withhold any taxes from CERB payments, so you may owe taxes on this income when you file your tax return. If you received other types of COVID-19 benefits, such as the Canada Recovery Benefit (CRB) or the Canada Recovery Caregiving Benefit (CRCB), you may owe taxes on these payments as well.
If you are concerned about how much you may owe in taxes, or if you need help filing your tax return, it's important to seek professional advice. A tax professional or accountant can help you understand your tax obligations and ensure that you file your return correctly. Contact us today for more information.