$500/Week CRB Payment: Are You Eligible?

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CERB has lapsed but is reborn through the CRB. Canadians who can't qualify for EI can apply with the CRA beginning October 12, 2020. For income investors looking for an added financial cushion, the blue-chip TC Energy stock pays generous dividends.The post $500/Week CRB Payment: Are You Eligible? appeared
Income support will continue with the COVID-19 Response Measures Act receiving royal assent on October 2, 2020. The House of Commons unanimously approved the bill that authorizes new benefits for Canadians impacted by the pandemic, including the Canada Recovery Benefit (CRB).

The CRB is the replacement for the Canada Emergency Response Benefit (CERB), which lapsed recently. Two other measures, the Canada Recovery Sickness Benefit (CRSB) and Canada Recovery Caregiving Benefit (CRCB), are paying out sick leave and caregiver benefits.

Post-CERB era

Beginning September 27, 2020, the CRB, along with the CRSB and CRCB, will be in place for one year. Since October 12, 2020, the Canada Revenue Agency (CRA) is open to receive and process CRB applications. You can apply online using the CRA's My Account portal or by phone through the automated phone line.

The CRA will again take the lead in disbursing the new recovery benefits. About 890,000 individuals and gig workers from nearly three million Canadian workers can't transition to or qualify for the enhanced Employment Insurance (EI).

Like CERB, it's an attestation-based application program. However, this time, the CRA will conduct the verification process up-front to make sure only people entitled to…
Christopher Liew, CFA
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