(NC) There is no one-size-fits-all approach to filing taxes. Filing taxes can be complicated, and the pandemic can make the process even more confusing. With a restructuring of COVID-19 benefit programs to provide relief for businesses and individuals, here are some tax updates you need to know before filing your taxes this season:
Canada Recovery Sickness Benefit (CRSB) If you were unable to work due to falling ill from COVID, the existing CRSB, which provides $500 per week, has been extended until May 7th, 2022. Any Canadian, whether they are employed or self-employed, may be eligible, up to a maximum of six weeks.
Canada Recovery Caregiving Benefit (CRCB) If you had to miss work to care for a family member due to COVID, the existing CRCB will also be extended until May 7th, 2022, with an increased eligibility period of 44 weeks that a household may apply for.
Canada Worker Lockdown Benefit (CWLB) The existing Canada Recovery Benefit (CRB) that provided support to workers who stopped working due to COVID-19 or who have a reduced income, will be replaced by the CWLB. This benefit will be the same as the CRB, consisting of $300 per week, and will operate until May 7th, 2022. It’s important to note that the CWLB will not be available for individuals who have lost income or employment due to refusing to adhere to a vaccine mandate.
Canada Recovery Hiring Program This benefit has also been extended until May 7th, 2022. Eligible employers with more than 10 percent revenue losses can apply for a subsidy, which has now been increased up to 50 percent of eligible employee wages, to a maximum of $1,129 per week.