Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

In an unfortunate series of miscommunications, self-employed people were given inaccurate information about eligibility requirements for claiming CERB in 2020.  Under heavy warnings to repay the benefits they may have received, many reached into their pre-Christmas cash flow to do just that.  Now with new Form T183E, the money can be recovered again.  Application processing began June 15 and applicants can expect reimbursement within 90 days. 

To address the self-employment gross vs. net issue, the Government of Canada registered the Canada Emergency Response Benefit and Employment Insurance Emergency Response Benefit Remission Order (“Remission Order”) on May 12, 2021. The Remission Order redresses the self-employed workers who did not qualify for CERB because of the gross vs. net issue by providing that a self-employed Canadian earning less than $5,000 in net income who received CERB, who otherwise would have qualified for CERB, need not return the CERB monies.

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