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Level 1
posted Jun 21, 2021 5:05:00 PM

Does the Ontario Small Business Support Grant Count as Income for the CRB Repayment Calculation?

Does the Ontario Small Business Support Grant Count as Income for the CRB Repayment Calculation?

 

I think it does, as grants are typically included in taxable income.

 

But I would like to know for sure so I can plan accordingly.

 

The repayment calculation I am referring to is the $0.50 for every $1.00 over $38,000

 

Thanks! 

0 1 454
1 Replies
Level 5
Dec 9, 2021 7:16:58 AM

The Ontario Small Business Support Grant (OSBSG) is different from The Canada Recovery Benefit (CRB). Although OSBSG should be reported as income, the CRB repayment calculation doesn’t apply to OSBSG. If you are self-employed, OSBSG will be reported in T2125 – Statement of Business or Professional Activities on Line 8230 – Other income.

 

As per Canada Revenue Agency (CRA): Sources of Income:

If you get a grant or subsidy from a government or government agency, you'll have to report it as income or as a reduction of an expense. Generally, a grant or subsidy:

  • increases your income or reduces your expenses
  • relates to an income deficiency
  • relates to specific expenses

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