Update on the CERB Overpayments – the CRA has clarified that the eigible income from last year is $5,000 NET and not $5,000 GROSS. If you pitched a claoim based on a $5,000 gross income value you were not entitled to the benefit.
The CERB fiasco will haunt the government for almost as long as the lockdown itself. Next April the income tax implications will be felt by millions of Canadians as few have set aside money to pay the taxes. At the end of the day over a million people will be required to make repayments. Grab the popcorn, this story isn’t over yet.
The economy did not break itself, and it will not just fix itself, anymore than the budget can simply balance itself. It will take work to make up for lost opportunities, and income – but we can build back better, if we apply common sense to the way we spend and handle our financial responsibilities.