how will CERB will effect the 2022 personal taxes

The Canada Emergency Response Benefit (CERB) was a program introduced by the Canadian government in response to the economic impacts of the COVID-19 pandemic. The program provided financial support to individuals who were unable to work due to the pandemic, including those who were laid off, sick, quarantined, or caring for someone who was sick.

The CERB program ended on September 27, 2020 and was replaced by other support programs, including the Canada Recovery Benefit (CRB) and the Canada Recovery Sickness Benefit (CRSB).

As for how the CERB will affect personal taxes in 2022, it's important to note that the CERB payments are considered taxable income. This means that individuals who received CERB payments will have to report the payments as income on their tax returns for the 2022 tax year.

However, the government has introduced measures to help offset the impact of the CERB on personal taxes. For example, the Canada Revenue Agency (CRA) has introduced a temporary tax-free amount of $1,000 for the 2020 tax year, which can be claimed by individuals who received CERB payments. This means that individuals who received CERB payments and have taxable income of $38,000 or less will not have to pay any additional taxes on their CERB payments.

Additionally, the government has introduced a one-time payment called the Canada Recovery Benefit (CRB) that can be claimed by individuals who are still unable to work due to the pandemic. The CRB is a taxable benefit, but the government has introduced a temporary tax-free amount of $500 for the 2020 tax year, which can be claimed by individuals who received CRB payments.

In conclusion, the CERB will affect personal taxes in 2022 by requiring individuals who received CERB payments to report the payments as income on their tax returns. However, the government has introduced measures to help offset the impact of the CERB on personal taxes, including a temporary tax-free amount and the Canada Recovery Benefit. It's important for individuals who received CERB payments to carefully review their tax situation and seek the advice of a tax professional if necessary.