The Canada Emergency Response Benefit (CERB)
Hopefully some comforting news to Canadians, as the government grapples with how best to support families financially. Just yesterday, an announcement was made that will hopefully provide Canadians with emergency funds- and quickly. You will be hearing the term CERB in the news & on social media-The Canada Emergency Response Benefit. It is meant to be a simpler form of financial support, merging the previously announced benefits- the Emergency Care Benefit and the Emergency Support Benefit- into one.
From CBC yesterday (source) -“The federal government has streamlined the COVID-19 emergency benefits program and says Canadians struggling financially can now expect payments within weeks.The application process is scheduled to open in early April, with individual income support payments amounting to about $2,000 a month expected to flow about 10 days later. The benefits will be available for four months.”
This emergency support was specifically created for wage earners, contract workers and self-employed people who don't qualify for employment insurance (EI). Many of our clients have been feeling anxious this past week about what the coming weeks, and even months, will look like for them financially. Hopefully this new initiative will provide a bit of a security net during these uncertain times.
According to the CRA website, Canadians will be able to apply for this support beginning in April 2020 from the CRA My Account or through their dedicated phone line.
As always, if you have any questions regarding this support (or any other financial/tax related questions), we are here to help.Email our office manager Shannon directly- and we will get you in touch with one of our accountants. Wishing you safety & health during this time, we are here to support you however we can.
For all updated information related to Covid-19 from the Canada Revenue Agency (CRA)- helpful, updated news as it comes in:https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html
CBC News Source- Full Article https://www.cbc.ca/news/politics/trudeau-income-supports-covid19-1.5509247
From the official website of the Prime Minister of Canada: https://pm.gc.ca/en/news/news-releases/2020/03/18/prime-minister-announces-more-support-workers-and-businesses-through