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 Individuals who have already withdrawn more than the reduced 2020 minimum amount can’t re-contribute the excess back into their RRIF.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 + Tax Tips for 2020 Tax Year

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