Do You Still Have a CERB Tax Bill From 2020?

When the 2020 personal income tax returns were filed in April 2021, many people owed income tax because the government failed to withhold any income tax from CERB payments.  These taxpayers were given another year to pay their tax bill without there being any interest charged. That was great news in April of 2021.

Hopefully anyone in that situation has been saving money so that on April 30, 2022 they can make the payment needed to clear their 2020 debt. Don’t forget that the same issue may apply in 2021, if you received any government assistance where no tax was withheld.  The income taxes owing from 2021, if there are any, are also due on April 30, 2022. There is never a good time to pay two years income taxes. April 30th is still seven months away, so there is plenty of time to make a plan to pay these taxes on time, to avoid interest.

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Painless Financial Training Group Inc. with Debi Peverill

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