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COVID-19 income aid could cost Canadians at tax time

Published

4 years ago

November 13, 2020

A lifeline for many during the pandemic may turn out to be a nightmare for some come tax time.

According to the government of Canada, 27.56 million Canada Emergency Response Benefit (CERB) applications were processed with over $81.64 billion paid out to nearly 9 million applicants as of Oct. 4.

Tax experts with CH Financial Ltd, a Calgary-based financial advising group, told Global News some of those Canadians may be surprised to learn that the government financial aid they have received is taxable.

“It’s all fully taxable income and tax has to be paid,” CEO Jeremy Clark said.

Clark said depending on what employment and income people had during the year, they could be faced with a huge tax bill.

“The CERB, there’s no tax withheld,” he added. “So you could have potentially two or three sources of income and not enough tax withheld.”

“So there could be hundreds — or thousands of dollars — in tax owing.”

It was definitely something long-time Calgary musician Michael Hope considered when he applied for CERB.

Hope is an assistant principal bassoonist with the Calgary Philharmonic. He said the year started to unravel around mid-March while the Calgary Phil was preparing for a concert.

“In between the rehearsal and the concert, we all got an email saying the concert had been cancelled, and that all concerts for the foreseeable future would be cancelled,” he said.

He applied for federal aid a couple of months later to help make ends meet.

“It would have been very difficult without it,” he said. “I would have made it, but barely.”

Hope said he’s also received a lot of help from his employer and community supporters. And now that smaller, virtual concerts are underway he hopes to not have to apply for federal aid again.

He has been able to save some of the money coming in now, so that he is not hit with a huge tax bill later on, but he knows not everyone can.

“If you don’t have the money and you need it to feed your family and support yourself in the here-and-now, then it’s not much of a choice.”

How to avoid — or pay off — a huge tax bill

Clark told Global News has hard as it can be, those receiving any kind of income aid need to put away some of that money. He suggested 15 to 20 per cent, but added any amount will do.

“It’s always a good idea to save some of a paycheque,” he said. “I know times are tough right now, certainly in Alberta for a variety of reasons, but I think to save a little bit — even 10 or five per cent — just in a rainy day fund, I think that’s always good advice for people of any income level.”

For those who haven’t been able to put any way, Clark said it’s not too late to start now.

What’s vital, he said, is you pay what you can as soon as you get the bill.

“Even if it’s a couple of hundred bucks, I would suggest you pay that,” he said.

“And then the interest will start to accrue on the rest of it. But if you pay nothing, you might get into a penalty situation.”

Clark also said there is one more thing to consider when it comes to this year’s taxes, and that is what you can and can’t claim from your work-from-home office expenses.

He expects these expenses will also play a huge part in your taxes as millions of Canadians continue to work remotely.

Source: – Global News

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Eriksson Ek gets five points as Wild whip Jets 8-5 in pre-season tilt

Published

41 mins ago

September 27, 2024

Anne Joseph

SAINT PAUL, Minn. – Joel Eriksson Ek scored two goals and added three assists as the Minnesota Wild grounded the Winnipeg Jets 8-5 in NHL pre-season action on Friday.

Kirikk Kaprizov had two power-play goals for the Wild, who scored seven goals in the second period to break open a tight game.

Ben Jones, Mats Zuccarello, Liam Ohgren and Marat Khusnutdinov also scored for the Wild who got a 36-save performance from netminder Marc-Andre Fleury. Thirteen players had at least one point for the Wild in the lopsided win.

Cole Perfetti, Mason Appleton, Nikita Chibrikov, Brayden Yager and Morgan Barron scored for the Jets, who had two power-play goals.

The teams were tied 1-1 after the first period and the Wild took an 8-2 lead into the final frame.

Connor Hellebuyck allowed eight goals in two periods of play, stopping 21 of 29 shots. Thomas Milic stopped all six shots he faced in the final period.

UP NEXT

Jets: Host the Calgary Flames on Wednesday.

Wild: Host the Dallas Stars on Sunday.

This report by The Canadian Press was first published Sept. 27, 2024.

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Surging Blue Bombers blitz Elks 55-27, clinch playoff spot

Published

42 mins ago

September 27, 2024

Anne Joseph

WINNIPEG – Zach Collaros threw a career-high six touchdown passes to ignite the Winnipeg Blue Bombers in a 55-27 victory over the Edmonton Elks that extended their win streak to seven games and clinched a playoff spot for the eighth consecutive season.

Winnipeg’s first four series of the game resulted in TD catches by Nic Demski, Keric Wheatfall and Brady Oliveira, plus a field goal by Sergio Castillo.

The explosion of points had the team’s third straight sellout crowd of 32,243 at Princess Auto Stadium cheering wildly as the CFL West Division-leading Blue Bombers improved to 9-6.

The Elks dropped to 5-10 and have a flicker of a chance to still make the CFL playoffs.

Collaros completed 21 of 26 pass attempts for a season-high 432 yards with the six touchdowns and no interceptions. His career best for passing in a game is 439 yards.

Edmonton quarterback McLeod Bethel-Thompson, who got the start ahead of Tre Ford, had a tough night against Winnipeg’s stifling defence. He was 19-of-34 passing for 223 yards with three TDs and no picks.

Winnipeg led 17-0 after the first quarter, 34-6 at halftime and 41-20 heading into the fourth.

Demski had a pair of TD receptions for 40 and 11 yards, while Kenny Lawler added two majors with catches of six and seven yards.

Lawler finished with a game high of 130 yards off eight catches and Demski had four receptions for 117 yards.

Wheatfall took a pass and turned it into a 61-yard major and Oliveira grabbed a short toss and deked and dashed 33 yards into the end zone.

Winnipeg defensive end TyJuan Garbutt scooped up a fumbled Edmonton pass attempt and ran 62 yards for a TD.

Castillo connected on field goals from 39 and 33 yards and made seven converts.

Edmonton kicker Boris Bede booted an 18-yard field goal at 10:10 of the second quarter to get the visitors on the board. He added a 24-yarder as time expired on the first half and made three converts.

Eugene Lewis, Tevin Jones and Dillon Mitchell each had TD catches for the Elks.

Edmonton’s fortunes turned early.

On Winnipeg’s first series of the game, Lawler fumbled a catch the Elks recovered but a review deemed Lawler had been down by contact.

Three plays later, Collaros fired the ball to Demski in the end zone at 3:04 and Castillo hit the convert to begin spinning the numbers on the scoreboard.

Edmonton’s first four possessions ended with three punts and a turnover on downs.

Collaros used the turnover for a TD pass to Wheatfall and 17-0 lead at 12:49 of the first quarter.

At that point in the game, Bethel-Thompson had completed one of three passes for nine yards. Collaros was 6-of-7 for 143 yards.

Oliveira made his run to the end zone at 1:09 of the second quarter, followed by Garbutt’s fumble-recovery TD at 6:45 to make it 31-0.

Three field goals ended the first half.

Lewis, Lawler and Jones provided three touchdowns for the third-quarter scoring that cut Winnipeg’s lead to 41-20.

Demski added his second TD of the game 23 seconds into the fourth, followed by Lawler’s stretching grab in the end zone at 7:06 to boost the lead 55-20.

Mitchell recorded his 37-yard TD catch as time expired.

UP NEXT

Elks: Host the Saskatchewan Roughriders on Saturday, Oct. 5.

Blue Bombers: Visit the Hamilton Tiger-Cats on Friday.

This report by The Canadian Press was first published Sept. 27, 2024.

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Marlins strike early, crush Blue Jays 15-5

Published

42 mins ago

September 27, 2024

Anne Joseph

TORONTO – Xavier Edwards made franchise history on Friday by becoming the first Miami Marlins player to record three triples in a single game. His achievement helped the Marlins crush the fading Toronto Blue Jays 15-5 at Rogers Centre.

Edwards emerged as Miami’s hero early in this contest, smacking his first triple in the second inning and finishing the contest 3-for-5 with four RBIs. In addition to setting a franchise record, the 25-year-old became the first Major League Baseball player with three triples in a single game since 2014.

“It’s definitely cool to get an opportunity to run at full speed and get to open it up,” Edwards said of his impressive evening.

The Marlins (60-100) broke through early, plating three runs in the first inning off Jays’ starter Jose Berríos. Miami built some heavy momentum and never slowed down, recording 17 hits.

Jonah Bride was also an integral part of the Marlins victory. The Marlins infielder hit two homers, his 10th and 11th of the season, and drove in three RBIs to secure Miami’s lead.

The Blue Jays (74-86) came up short in their 12-hit effort, which included Ernie Clement’s solo homer in the fourth inning, his 12th of the season. Vladimir Guerrero Jr. added two singles and an RBI, bringing him one hit shy of 200 on the season, while Alejandro Kirk extended his hitting streak to 18 games.

“We didn’t pitch well at all,” said Blue Jays manager John Schneider. “I think effort and compete — that was there. (We’ll) move on to tomorrow.”

Berríos (16-11) took the loss, allowing six earned runs on six hits in just three innings of work, marking his shortest start of the season. The right-hander also struck out four batters and yielded three walks.

“Frustrating that that’s his last outing for the year,” said Schneider, summarizing Berríos’ season. “But I think, looking at his overall body of work, he should be really proud of the things that he did on and off the field.”

The Marlins quickly extended their lead in the second inning as Otto Lopez singled, Kyle Stowers walked, and Nick Fortes advanced the runners with a sacrifice bunt. Edwards capped off the Marlins rally with a two-run triple off Berríos.

The Blue Jays responded against Marlins starter Adam Oller (2-4) in the bottom of the third, as Nathan Lukes doubled off the right-field wall, scoring Leo Jiménez from second. Spencer Horwitz singled up the middle, driving in George Springer and Lukes two batters later.

Oller earned the win for the Marlins, pitching five innings and allowing four earned runs on eight hits while striking out three.

The Marlins poured it on with five runs in the seventh inning. Griffin Conine homered, Edwards picked up his third triple of the night, and Jake Burger, after driving in a run earlier, doubled for his team-leading 76th RBI of the season.

The Rogers Centre roof opened an hour before first pitch, revealing cloudy skies. Announced attendance was 31,597, and the game lasted three hours, seven minutes.

SCHUMAKER LEAVES THE TEAM

Midway through Friday’s game, the Marlins announced manager Skip Schumaker would miss the remaining two games of the season due to a family medical issue. Bench coach Luis Urueta will manage in Schumaker’s place.

MARLINS MAKE A MOVE

Before the game, Miami placed reliever Declan Cronin (3-4) on the 15-day injured list with left knee patellar tendinitis and activated right-hander Mike Baumann (3-1) from the paternity list.

ROTATION SHUFFLE

Blue Jays starter Chris Bassitt (10-14) will not pitch in Sunday’s series finale against the Marlins, Schneider announced Friday. With the Jays eliminated from playoff contention, the Jays skipper said he prefers to rest Bassitt and let other pitchers see some action.

UP COMING

The Blue Jays send right-hander Yariel Rodríguez (1-7) to the hill for the second leg of this three-game series on Saturday. The Marlins have not yet announced a starting pitcher for Saturday.

This report by The Canadian Press was first published Sept. 27, 2024.

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