Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB). As per canada.ca:
“Today, the Government of Canada announced that self-employed individuals who applied for the Canada Emergency Response Benefit (CERB) and would have qualified based on their gross income will not be required to repay the benefit, provided they also met all other eligibility requirements. The same approach will apply whether the individual applied through the Canada Revenue Agency or Service Canada.
This means that, self-employed individuals whose net self-employment income was less than $5,000 and who applied for the CERB will not be required to repay the CERB, as long as their gross self-employment income was at least $5,000 and they met all other eligibility criteria.
Some self-employed individuals whose net self-employment income was less than $5,000 may have already voluntarily repaid the CERB. The CRA and Service Canada will return any repaid amounts to these individuals. Additional details will be available in the coming weeks.”
Ong Financial Planning Services Ltd.
John Ong, CFP, CHS, CPCA, CCS
Certified Financial Planner
Tel: (604) 323-3830
1275 West 6th Avenue 3rd floor
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John has been providing financial planning advice for over 15 years. John is currently licensed as a life insurance agent, accident & sickness agent, mutual funds representative*, Certified Financial Planner, Certified Health Insurance Specialist, and Certified Professional Consultant on Aging. He specializes in personal financial planning advice with an emphasis on risk management, estate & retirement planning.