Published: December 15, 2020
Last Updated: April 5, 2021
Toronto tax lawyer and tax expert David Rotfleisch was recently featured in an article in The Motley Fool (fool.ca). In the article, David recommended a tax strategy that can be used by self-employed Canadian taxpayers when it comes to Canada Emergency Response Benefits (CERB) repayments.
“If your income was close to the $5,000 threshold in 2019 or 2020, you can keep it above board by claiming fewer deductions than you normally would. There’s no law saying you have to claim all the deductions you’re entitled to. If you grossed $5,001 in 2020 and had just one $100 deductible expense, claiming that expense would put you below the CERB threshold. By not claiming it, you’d keep yourself 100% CERB eligible. This strategy was recently recommended to self-employed Canadians by Toronto lawyer David Rotfleisch.” — The Motley Fool, “CERB Repayment: Do This to Avoid the CRA’s December 31st Payback Demand”
Read the article here.
Disclaimer:
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."
