Balanced Beans Bookkeeping

FROM A BOOKEEPER....HERE IS YOUR WARNING:
For everyone applying for the CERB. Please, know, It IS a TAXABLE income. Meaning you will be required to pay taxes on it. BUT - here’s the kicker - they WILL NOT be deducting the required taxes! So if you receive the full $8000 over the next 4 months, it is advisable that you put aside $2400, as you will need to pay this tax when submitting your returns in 2021 for your 2020 taxes.In reality your only getting $1400 for each month...Money isn’t free! Be smart!
Update: and be warned it looks like they are giving it to everyone who files immediately and then assessing your eligibility later!.. so be POSITIVE you qualify and need it otherwise you will just end up owing thousands
Update: and yes I know this 30% tax is the higher end and most will pay 10-30% back... but the whole point is to prepare you, so you don't land up surprised with big amount owing in taxes and all those deferred loans will be due as well, so think carefully before jumping in and deferring anything, when this all ends, you could be in for a huge shock, be smart …… think before you leap.

Anyone else agree?