Coronavirus has caused so many problems for business owners and individuals across the world, and Canada is no exception to this. Of course, this is something that has had extreme financial repercussions for the future of companies. Luckily, the government has stepped in to provide aid to Canadian businesses and entrepreneurs who need relief to combat the effects of COVID-19.
Canada Emergency Response Benefit (CERB) has now closed for applications, but it is still going to be processing retroactive applications until the start of December. However, as we are preparing for the fact that this is coming to an end, the good news is that there are still plenty of benefits to take advantage of.
The Canadian government has announced changes to the Employment Insurance program, and there are a lot of important benefits here that will help support Canadians better. This is important to understand and take advantage of right now. Employed and self-employed Canadians can take advantage of this; these are some of the things you need to keep in mind right now.
When your CERB ends you may need financial assistance, and you can always get in touch with us for help and advice. Additionally, you can always check the CRA website for updates that apply to your situation.
New recovery benefits
If you are in a position where you were receiving CERB but now you aren’t, you could be eligible for additional benefits. These new benefits are available backdated to September 27th 2020, all the way up to September 25th 2021.
Canada Recovery Benefit
This is a benefit designed to provide $500 per week for up to 26 weeks, to those who are not eligible for EI (employment insurance) or who are employed/self-employed and who have had their income reduced by at least 50% due to the current pandemic.
Canada Recovery Caregiving Benefit
CRCB is a benefit that will provide $500 per week for up to 26 weeks for those unable to work for 50%+ of the week due to having to look after a child under 12, or family member, due to school closures, illness, or quarantine.
Canada Recovery Sickness Benefit
$500 per week up to a minimum of 2 weeks for workers unable to work for at least 50% of the week due to having to self-isolate for COVID-related reasons, or you have underlying conditions that might make you more susceptible to COVID.
Try to take steps to do as much as you can to be financially responsible during this difficult time, and transitioning to new CERB initiatives is really important. Feel free to get in touch with us if you want to know more about this, and let’s get the ball rolling.
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