I have a client who received $10,000 in CERB payments. In order to head off a potential tax surprise, they paid 25%, or $2,500 into their CRA instalment account. They just received the T4A showing CERB income of $7,500.
When I investigated their CRA account, each one of their instalment payments was transferred to the CERB repayment account on the same day payment was made.
I contacted CRA (only a 30 min wait, quite impressed), and the agent advised that they had made an error. They will be transferring monies back to instalment account and issuing an amended T4A.
This is just a head’s in case anyone comes across a similar situation. I am glad I picked it up before trying to file the return.
I have a similar situation. My client was getting EI for a couple of months due to COVID. Altogether, he received $6,500 and in June, 2020 he paid the whole amount back to the CRA.
According to the CRA statement, his “Installment Payments for 2020” are $6,500. So, this repayment was NOT applied to his EI he received. In addition, for 2020 he received a T4E slip, showing, in box 14, $6,500.
My situation was fixed up with a phone call to CRA. I checked a couple of days ago, and installment account is correct. Still waiting for amended cerb slip, but I will file now while installments are correct.
Just to follow up: my client called the CRA and was told to ignore the T4E slip. I don’t exactly agree with this reply, but let’s hope the CRA will make correct calculations.