Are you collecting CERB? Those payments are taxable as income!

Have you been collecting CERB payments during COVID-19? If so, you should know that those payments (up to a maximum of $8,000.00) are taxable and will count as income during the 2020 tax year. This means the $2,000.00 you receive isn’t really $2,000.00 in your pocket.

So if this is the case, how do you know how much to put away for taxes when you file in the Spring of 2021? Well, here a good link to a tax calculator so you can get an idea of how much you will owe based on your marginal tax rate. Remember to input your total income from all sources including employment income, investments, pensions, etc.