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Personal Finance

Has the CERB payments gone to the right people

BY FAZAAD BACCHUS

The Canadian Emergency Response Benefit also known as the CERB has been of significant help to Canadians since it started at the end of March. Without this benefit many would have been in dire straits not being able to take care of their family, pay basic bills etc. Many would have a difficult time paying rent, and there could have been serious consequences. This benefit which was intended to assist Canadians over a sixteen-week period has now been extended by another eight weeks. To be able to qualify for this benefit back in March, a person needed only to have met certain income specifications.

During this period however, many persons who received this benefit were not supposed to, and even though many of them are paying it back, there are the unscrupulous few who are attempting to pocket this money. How this is possible you ask. Well are you aware that there is a cash society operation in Canada?

Payment owed to tradesmen, odd jobs persons and non payroll are being paid in cash. This unscrupulous person then applies for CERB claiming that they are without a job and then double dips by earning cash payments. Hopefully CRA will find these individuals and have them repay what should have never been theirs, be mindful also that there are fines that go along with defrauding CRA and costs as much as $5,000 upwards.

Regarding the new eight weeks extended payments, it will not be as easy to collect. This is an additional $4,000 that the government is prepared to give to qualified individuals. During the first four months, CRA was not as strict as it could have been because it knows that the country was facing a pandemic and that finding jobs was close to impossible. Now companies have begun opening up and work is starting again, therefore you will have to attest that you have been looking for work, sending out applications etc. This will not be a case of just staying home another eight weeks and receiving benefits.

On the brighter side, those who are in need of this benefit and cannot find a job will receive it for the additional eight weeks. Those who still need money can apply for Employment Insurance if they qualify when this is all over. Again, on the brighter side, seniors would have received a nontaxable benefit during the week of July 6th of $300 if they are in receipt of OAS payments. In addition, if a senior is also a GIS recipient then they would receive another $200 making a total payment of $500. None of this money is reported as income, therefore it’s all tax free and does not affect your benefits for the following year.

It’s important to discuss your financial situation with a financial advisor to be able to guide you through uncertain periods.

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Written By

Fazaad writes for the finance column at the Toronto Caribbean Newspaper. As a qualified Financial Advisor, he has completed his Masters in Business Administration, earned the designation of a Financial Services Specialist and Life Underwriter Training Council Fellow. Having worked in the Finance Industry for the last 27 years he is passionate about managing clients investment. He writes to bring a level of awareness to our community and to bring financial help to those who need it.

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