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CERB to CRB

Earlier this week, Canadians received the news that the Canada Recovery Benefit (CRB) would be increased to the same level as the Canada Emergency Response Benefit (CERB).

CERB will end soon, and recipients will either need to transition to Employment Insurance (EI), or look to the CRB for financial support if eligible. 

According to a recent article: 

“The Canada Recovery Benefit will help Canadians who stopped working due to COVID-19 but do not qualify for EI and Canadians who continue to have their employment or self-employment income reduced by 50 per cent or more due to COVID-19,” said Employment Minister Carla Qualtrough, during a news conference.

“It would provide eligible workers with $500 per week for up to 26 weeks, between September 27th 2020 and September 25th 2021.”

There are some differences with CERB, and Canadians need to be aware of the potential impacts on their tax return. In addition, the benefit will not be paid in advance and will be retroactive by two weeks. 

“Anyone receiving the benefit can earn up to $1,000 a month. But they will have to repay 50 cents on every dollar earned above $38,000, until the benefit amount is reduced to zero.

“Like EI, this new benefit will be paid in respect of the previous two weeks. This is different from the CERB, which was paid in advance.”

To break down the three benefits available to Canadians during the pandemic, here is information from a recent news article:

  • A Canada Recovery Benefit (CRB) of $500 per week for up to 26 weeks, to workers who are self-employed or are not eligible for EI and who still require income support. This Benefit would support Canadians who have not returned to work due to COVID-19 or whose income has dropped by at least 50%. These workers must be available and looking for work, and must accept work where it is reasonable to do so;
  • A Canada Recovery Sickness Benefit (CRSB) of $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19. This Benefit supports our commitment to ensure all Canadian workers have access to paid sick leave; and,
  • A Canada Recovery Caregiving Benefit (CRCB) of $500 per week for up to 26 weeks per household, for eligible Canadians unable to work because they must care for a child under the age of 12 or family member because schools, day-cares or care facilities are closed due to COVID-19 or because the child or family member is sick and/or required to quarantine.  

To read the full article & learn more:
https://ca.finance.yahoo.com/news/new-crb-benefit-gets-25-boost-bringing-payments-to-same-level-as-cerb-172111363.html

If this benefit will impact you & your financial situation, please contact us to discuss any questions or concerns. 

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