As the deadline for filing taxes — extended to June 1 this year due to the coronavirus pandemic — approaches, there are a few things to consider when filing.
At Liberty Tax in Peterborough, Ont., owner Tammy McCartney says the most frequently asked question this year is about Canada Emergency Response Benefit (CERB) payments and how they will affect taxes.
She says CERB payments are considered taxable income. “We have been telling people to put about 20 to 30 per cent of that money aside depending on your tax bracket,” said McCartney. “Then when you file next year for 2020, then you’ll have to pay it.” She says that next year, you might also be able to claim certain expenses if you’ve been required to work from home, depending on your