Well, the CRA has issued Tax Tip on reporting income from pandemic benefits.
Millions of Canadians received federal government benefits during the pandemic, and those benefits represented income which must be reported on the annual tax return. The CRA will, by the end of February, issue a T4A slip to anyone who received such benefits during 2022, with the information on the T4A to be used to complete the recipient’s tax return for 2022.
The CRA recently issued a Tax Tip explaining in detail the types of benefits for which T4A slips are issued, and where information on particular benefit amounts and income tax paid appears on the T4A. That Tax Tip, which can be found on the CRA website at https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-filing-season-media-kit/received-t4a-slip-from-us-what-you-need-to-know.html, also provides information on the tax treatment of any repayment of benefits by the recipient, and what to do if the information on the T4A is incorrect.
If you would like help with dealing with the CRA or would like someone to file your personal taxes, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!