Covid 19 – Phase 3 of the CERB Benefit: Do you still qualify?

Why this message to you today? Now that you have been receiving the Canada Emergency Response Benefit (CERB), you will begin to receive a renewal notice that asks you to reconfirm the extent to which you continue to qualify to receive this benefit.  Do you expect to go back to work shortly?  Might you need to return some of the benefit amount received?  Have you received this benefit by mistake?

Here is a great article by a well respected industry veteran who summarizes the important details of where this benefit stands today.  Has your situation changed and you are now receiving other employment income amounts?

The bottom line:  If you are receiving the CERB, to continue to receive it you must continue to reapply.  If you receive this amount by mistake, you may need to pay the entire amount back.  If you receive this amount legitimately, remember that you will need to add this to all of your 2020 earned income and pay 25% or more of it back in tax (no tax has been withheld).

Road To Mastery Principle:  It doesn’t matter what you have, it only matters what you keep, after-taxes, fees and inflation.  The Masters plan their affairs proactively, the begin with the end in mind, and are very focused and purposeful in their decision making.

"IMPORTANT DISCLOSURES: The comments above are for information purposes only and do not constitute specific financial advice regarding your specific situation. Please consult a professional financial advisor who is familiar with your personal situation before acting on any information presented above. Every effort has been made to ensure this information is presented responsibly and accurately. However, important details may have been missed or these details may have changed since the publication of this note. All facts and opinions noted above must be reviewed to ensure their accuracy is still relevant based on today’s specific situation, whatever that may be. Nelson Financial Planning Corp is not responsible for any action you take regarding this information."