ANOTHER RARE ERROR AT THE CRA

The Canada Revenue Agency confirmed this week that some taxpayers who repaid COVID-19 related benefits in 2020 have received incorrect tax slips that wrongly list portions of the repaid benefits as taxable income.

CERB recipients who repaid before Dec. 31, 2020, should not have to pay tax on those amounts on 2020 tax returns, the revenue agency's website notes, with the repaid amounts subtracted from the individual's benefit amount on T4A slips.

But the tax agency said there is a rare error in which the repayments are credited to a taxpayer's T1 instalment account instead of their emergency benefits account.