CERB repayment

[Femme38]

Hey guys, I know someone who took Cerb payments without properly understanding eligibility. Although they haven't gotten a letter, they have made the repayment today.

Are there any other obligations that they have to fulfill?

 

[Naturgrl]

If they repaid CERB there are no other obligations. They should receive notice regarding repayment.

 

[Femme38]

What about taxes. The repayment was done after Dec 31.

 

[captainarabiia]

What about taxes. The repayment was done after Dec 31.

Impact on taxes
Your CERB amounts are taxable. You will need to report the amounts from your T4A tax information slip on your 2020 tax return. We encourage you to return any payments you received in 2020 that you’re not eligible for before December 31, 2020.

If you return a CERB payment:

• before December 31, 2020, and pay it in full, there is no impact on your 2020 taxes
• after December 31, 2020, you will need to pay tax on the full CERB amount you received in 2020 (this will be adjusted after you file your 2021 taxes)

*Copied from CRA website.