How to Calculate your 2020 CERB Tax | CERB UPDATE

How to calculate CERB tax

Today we discuss how to calculate your 2020 taxes using the cloudtax tax calculator.

We look at a hypothetical income and how to determine how much you may owe in tax.

CERB Update

[zacelliot]

Thank you for uploading another useful video! AND!!! Thank you for putting ads in the very beginning / very end of your video. I've talked to Ross about the same issues (that he put paid ads in the middle of his videos... It not only distracts people from listening / focusing on what he has to say, but usually make people wanting to switch to a different clip)... I totally switched to watch something else when I see 4 or 5 ad notes on Ross video...
Anyway, love your video and really enjoying listening to your speaches n topics. Keep up with the great work Nick! I'll continue to share your videos 👍❤️

[gnanarubyb]

Thank you for this video. Now I can play with the CloudTax calculator to see how much I owe them exactly. I knew I'm not getting a refund this year with T4 & CERB. I wish CRA took some taxes off the CERB to make things easier for all of us.

[russellmatthews]

Great video Nick! And that's a great tax calculator tool! I'll definitely be using it in the future! :D

[ShesJustShort]

So on my t4e for the cerb one of the boxes says repayment rate, mines says 0% what could that mean

[travisflint]

Great demonstration using the screenshare! It's really engaging!

[wowwee]

Do we count EI earned this year or EI paid out next year that included the last week or two of this year? I guess we will know once they give the T4E but just wondering.

[deshawnbrown]

Wait, in the income tax payed bar can I combine ei tax that was withheld and the taxes that were taken from me when I worked early this year?

[saramccrea-george]

Does self employment income earned count for periods of time that we did not apply for the CRB BENEFITS?

[InderjeetSingh-nzgh]

Hi Nick, your videos are really informative and helpful. Keep up the good work .
I have a question which is not related to this video, I hope you can help me with that with your expertise.
With CRA, whenever we login now a days, they send a number code on your cellphone, which we have to put on CRA page in order to proceed further.
Lets suppose I am going out of country where my phone number is not working, what to do in that case.
I checked this on my own but there is no other way to change phone number or to get on time code on email.
I hope you got my question.
Kindly, help me out
Thanks

[MrJakavana]

Thanks for the video! Could you please do a video on self employment income tax calculation (with what expenses can be used towards the calculation). Thank you.

[kimmieskuisinehomesteading]

Thanks for the info I used cloud tax it was so easy to use that

[yogitapatel]

Thanks Nick. This was very informative. However, I watched another video that made reference to the CRA use anet income of 38k to calculate the amount of CERB repayment. Anything over that amount we have to pay 0, 50 for every dollar over that. Does Cloud tax make provision for this?

[muleyeofficial]

My pay sub doesn’t show the taxes paid is that under dedication?

[kumaylmohamedali]

What about the article that speaks about BPA tax credit being increased or something to $2000 more

[robertcopeland]

“In my judgment, it is in the public interest that there be clarity as to whether or not such an important legislative scheme is being administered within the confines of the law during a state of emergency that exists as a result of the pandemic, ” Mainella wrote.

“Given that there are a large number of vulnerable persons being affected by the treatment of the CERB for the purposes of income assistance and general assistance based on a ‘policy, ’ which the Board has not justified with any reviewable reasoning, I am not satisfied that the issue can be dismissed on a preliminary examination; it requires a more thorough inquiry by a panel of the Court of Appeal. I am satisfied that the applicant has a reasonable prospect of success on this important question of law if leave to appeal is granted.”

Mainella also noted that the applicant had represented himself until now and that it is in “everyone’s best interests” that he now obtains legal counsel and that Legal Aid should be sent a copy of the decision.

[blueluvah]

What abt with dependants, with special needs, 🤔, no affect?

[tonymonteiro]

Hi they're Nick love your channel I'm a subscriber I was wondering if you could send me over the link to where it was either John Tory or mr. Big boy what's it called the guy's brother who passed away anyhow if you could send me the link to where they say that the average Canadian needs $2, 000 to survive I would greatly appreciate it more than you could ever believe I've been looking can't seem to find it but I saw it on TV myself I just can't remember who it was peace love happiness keep safe Tony

[johnjanedoe]

Sound of you swallowing is driving me nuts. Anyone else? Lol...other than that, keep up the good work

[rinafabian]

Omg what a great month to owe back the government. Why this month.