April 8th, 2021
The federal government has provided several financial supports for individuals during the COVID-19 pandemic.
The following benefits are considered taxable income, and people who have received them should get a T4A or T4E slip from the Canada Revenue Agency or Service Canada:
- Canada Emergency Response Benefit (CERB)
- Canada Emergency Student Benefit (CESB)
- Canada Recovery Benefit (CRB)
- Canada Recovery Sickness Benefit (CRSB)
- Canada Recovery Caregiving Benefit (CRCB)
- Employment Insurance regular benefits
The following one-time payments to individuals are non-taxable and non-reportable:
- GST/HST credit supplement
- 2020 Child Canada Benefit (CCB) top-up
- Old Age Security (OAS)/Guaranteed Income Supplement (GIS) top-up
- Disability support one-time payment of up to $600
The BC Recovery Benefit from the provincial government is also non-taxable and non-reportable.
Minimum withdrawals from registered retirement income funds (RRIFs) have been reduced by 25 percent for 2020. Individuals who have already withdrawn more than the reduced 2020 minimum amount can’t re-contribute the excess back into their RRIF.
Posted in COVID-19
