But Toronto tax lawyer David Rotfleisch says there may be a straight-forward option for these CERB recipients to avoid the repayments.
"There is no obligation for a taxpayer to claim expenses," says Rotfleisch, founder of
Rotfleisch and Samulovitch Professional Corporation.
Self-employed CERB recipients who have filed their 2019 taxes should be able to easily amend their return by filing a
T1-ADJ form on which they can reduce the expenses they claimed so that their net income rises above the $5,000 eligibility threshold, Rotfleisch says.
Read more: CERB was collected by high-income earners, new data shows
"By potentially paying some tax ... you will be able to claim and keep the whole CERB," Rotfleisch says.
Gennaro De Luca, a certified financial planner who regularly helps small business owners with their taxes, also says amending one's tax return should be "an easy way" to adjust net income reported to the CRA.
"If, in fact, your gross revenue was above $5,000, you could eliminate some of your expenses and get your net revenue of $5,000 to fix that," he says.....
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