At Risk for Paying back CRB?
If you made $38000 this year including any Covid relief payments you may be subject to pay some or all of your CRB back.
Many people don't know that there is a cap to how much you are allowed income you were allowed in 2020 before you are subject to pay back up to all of the CRB you collected. That cap is $38000 which includes any and all subsidies received by the government. If you are over the $38000 when you file your income tax CRA can issue you a bill up to entire amount of CRB that you have received.
RRSP’s help reduce your income and may keep you under that $38000. Now is a great time to contact your bank and invest in RRSP's. They reduce your income and may help protect you from having to pay anything else back. Your bank can walk you through how to purchase RRSP's and what might work best for you.