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Canada Emergency Response Benefit
vishalpatelz
Member
in General
Hello folks,
I hope you all staying and keeping safe individually and your loved ones too,
I am a student here, and I have a confusion about CERB, please guide me if you have the information.
link: https://www.canada.ca/en/services/benefits/ei/cerb-application.html
the only question I have is, what amount I have to pay back to the government since it says taxable? please advise me
Thank you.
Comments
Oh, the CERB. Don't consider this legal advice as (just a warning) -- but here's how it works in a nutshell:
Then, you may qualify for a $500/week payment for 16 weeks.
The tax implications are usual -- this counts as income, so depending on your current revenue, the amount of tax could vary from a small amount to quite a bit. It really depends.
As a student I am earning less than $30000 a year,and I did applied but now the question is for every 2k I will receive what amount I might have to pay back next year in tax?
Thanks bud!
When I need financial advice that will significantly affect me, I turn to let- rather than contacting a government agency or advocacy group. Seriously call a tax lawyer that understands your student status and entitlements
You are unable to apply for the benefit if you are still employed, or if you resigned from your previous position voluntarily. If you do qualify, your tax amount is based on your income in 2020 plus any amount received from the CERB. Your tax amount, as I said, will vary.
Do not post any personal information. As @Unbelievable said, I highly recommend you see someone qualified. Hell, you're a student -- yout institution may very well provide free tax advice. Take advantage of it.
A really wrong place to get advice for this. Like @Burningrunner says, you are a student. Thus, you should have a free access to some advice within your institution.
Thanks, everyone!
I will contact my college!
As a Canadian, I did get the emergency business aid fund which is 40,000 CAD. It's given to small businesses no questions asked and I am asked to repay it in 3 years.
But only 30,000 CAD is required to be repaid. 10,000 CAD is forgiven if the rest is paid.
@deank that actually sounds like a good way to stimulate the economy.
The government kind of has to do this for several reasons.
If you want to read it, just google "Canada Emergency Business Account (CEBA)".
You have any information for non business personnel, lets see I have got $2k, how do I calculate what amount I may have to payback?
Thanks
See below