At the start of the COVID-19 global pandemic, Prime Minister Justin Trudeau unveiled a plan.
Many businesses were given grants to help them stay afloat, and most Canadians received payments issued directly to their bank accounts.
But some of those individuals and businesses were overpaid.Today, I鈥檒l explain how long taxpayers have to pay the Canada Revenue Agency back and what you need to do to avoid any consequences.
Throughout the COVID-19 pandemic, the government of Canada worked with the to individuals and businesses impacted by the health crisis. These included:
Some of these benefits were issued to taxpayers automatically based on the information obtained from their previous year鈥檚 tax returns. Others required taxpayers to complete a brief application. After the pandemic, though, the CRA began auditing the payments they issued, looking for any mistakes, overpayments, or cases of direct taxpayer fraud.
At the start of 2022, who claimed or received more than they were due.
If you鈥檝e received a notice from the CRA claiming that you owe money back from an overpayment of your COVID-19 benefits, it can be unclear just how much time you have to pay it back.
Currently, there is no set date by which you have to pay the CRA back.
However, you are encouraged to pay the amount you owe back as soon as possible. Alternatively, , which allows you to pay back your debt over time.
If you are not able to pay back the debt right away, it is highly recommended to give the CRA a call at 1-833-253-7615 to see what your other options are.
Ideally, you should make payment arrangements with the CRA before you file your 2022 tax returns. If you owe the CRA money and have not paid, the amount you owe may be deducted from your tax returns or any GST/HST tax credits that you would otherwise be paid.
The CRA maintains detailed records of all Canadian taxpayers, along with data on how much they owe and any COVID-19 tax payments that were issued to them.
If you鈥檙e required to pay a portion of your CRA COVID-19 payments back, you should receive a letter in the mail.
This letter will detail the exact amount that you owe back to the CRA and, most importantly, why you鈥檙e required to pay the amount back. If you鈥檝e registered your online CRA My Account, then you may have also received an online notice as well.
The CRA offers three ways for taxpayers to pay their COVID payment debt back to the CRA:
1. Pay online with your CRA My Account
Paying online is, by far, the easiest way to pay the CRA. You鈥檒l be able to see exactly what you owe and pay by using your online bank account. Best of all, your payment will be posted instantly (although it may take a few days to process), which should prevent the CRA from sending any more threatening letters.
To pay your balance online, , and you can make a payment through the portal. Note that if CERB debt was from ESDC (EI), it cannot be paid through the CRA My Account feature.
2. Pay by mail
You can also pay your CRA balance by mailing a cheque or money order (do not send cash) to the 鈥淩eceiver General of Canada.鈥 The cheque or money order should also have your SIN number along with the memo, 鈥渞epayment of CERB鈥 (or whatever your applicable benefit is, such as CRB or CRSB) written on the back to make sure it鈥檚 applied to the correct account.
You can mail your payment to the following address:
Revenue Processing 鈥 Repayment of emergency and recovery benefits
Sudbury Tax Centre
1050 Notre Dame Avenue
Sudbury ON P3A 0C3
3. Pay in person
Alternatively, you can pay the CRA back by going through your bank or credit union. To do this, you鈥檒l need to visit your branch in person and speak with a banker. Your bank will then arrange for a direct transfer from your account to the CRA.
If you鈥檙e unable to pay the amount you owe in full, then you can work with the CRA to set up a payment plan. To do this, you鈥檒l need to contact the CRA directly and speak with an agent. Given the high call volume, you may have to wait in line for a while.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his .
Do you have a question, tip or story idea about personal finance? Please email us at dotcom@bellmedia.ca.
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