On March 25, 2020, the Government of Canada issued legislation to provide additional relief to help Canadians facing hardship as a result of the COVID-19 outbreak.
The new Canada Emergency Response Benefit (CERB) is a taxable benefit that provides $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic.
The CERB would cover Canadians who have lost their job, are sick, quarantined, or taking care of someone who is sick with COVID-19, as well as working parents who must stay home without pay to care for children who are sick or at home because of school and daycare closures.
The CERB would apply to wage earners, contract workers and self-employed individuals who would not otherwise be eligible for Employment Insurance (EI).
Additionally, workers who are still employed, but are not receiving income because of insufficient work and your employer ask you not to come to work due to COVID-19, would also qualify for the CERB.
The CERB application portal is slated to open on April 6.
Two things to do BEFORE you apply for the CERB:
1. Sign up for MyAccount through the CRA website – this will speed up your application when applications open the week of April 6.
2. Sign up for direct deposit – this will help get money into your account faster once your application is processed.
Canadians would begin to receive their CERB payments within 10 days of application.
The CERB would be paid every four weeks and be available from March 15, 2020 until October 3, 2020.
- The Wealthnuvo Team
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