Sunday, May 26, 2024

Answers to your questions about ECPs and taxes

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Maria Gill
Maria Gill
"Subtly charming problem solver. Extreme tv enthusiast. Web scholar. Evil beer expert. Music nerd. Food junkie."

Canada’s Prime Minister, Justin Trudeau, has announced a tax credit for people who have received income from various aid programs.

Also read: More cash and savings in Eastern Quebec

Also read: Financial Aid, Taxes and RRSPs, and How to Get Them

However, taxpayers must be vigilant, as they will still have to declare and pay taxes on their other income for the 2020 fiscal year.

The requirement not to pay taxes by April 30, 2022 on PCU income is to not have taxable income of more than $ 75,000.

Here are answers to some of our viewers’ questions.

“I have received T4A and Relevé 1 which attests to an income of $ 8000. I have only received $ 4000 from PKU. Do you still have to pay taxes?”

It is very important to contact the Revenue Agency to amend your T4A or Relevé 1. If you do not get a new tax receipt, you will have to pay tax of $ 8000.

“Is there a link between PCU fraud and Desjardins’ data breach? My 15-year-old is a victim.”

According to Desjardins, there is no official link between these leaks. Contact Desjardins, they offer protection against data theft and help every step of the way to find your identity.

“I have not received a T4A and have received a PCRE, is this normal? Is PCRE taxable?”

PCRE is subject to tax. If you do not receive your receipt within the next few days, contact the Canada Revenue Agency.

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