CRA to withhold tax from new Covid-19 benefits

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The Canada Revenue Agency (CRA) will withhold 10% tax at source from amounts distributed through three new Covid-19 recovery benefits announced by the federal government in September.

Amounts received through the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefit (CRCB) are taxable, meaning they must be included in income for the year when recipients file their tax returns.

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Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Rudy Mezzetta 

Original Article Posted on:  October 5, 2020

Link to Original Article:  https://www.advisor.ca/tax/tax-news/cra-to-withhold-tax-from-new-covid-19-benefits/

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