Personal finance expert, Barry Choi, explains how the new government programs introduced to replace CERB will affect Canadians
TORONTO, Oct. 19, 2020 /CNW/ - The Canada Emergency Response Benefit (CERB) may have ended at the start of October, but the federal government introduced new incentives to help Canadians who continue to be impacted by COVID-19 and require temporary income support. Nearly six million Canadians applied for COVID-19 emergency aid benefits during the height of the pandemic and while Statistics Canada recently reported a slight drop in the unemployment rate during September 2020, many people are still struggling. As a direct result, three new benefits are now available. However, there is a lot of confusion about the application process, eligibility requirements and how much Canadians will receive. Toronto-based personal finance expert, Barry Choi released three guides to help Canadians understand what they're entitled to:
"Millions of Canadians have seen an income drop due to COVID-19 and may need government assistance to ensure they can still pay their bills," said Barry Choi. "The new incentives introduced by the government are great, but many people are still confused about which one they should apply for and how much they'll get."
To ensure Canadians continue to receive the help they need, the Government of Canada introduced three new benefits designed for a variety of life situations: the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), and the Canada Emergency Rent Subsidy (CERS). The CRB provides $500 per week for up to 26 weeks, to workers who have stopped working or had their employment/self-employment income reduced by at least 50% due to COVID-19 and who are not eligible for EI. While the CRSB provides $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19 or have underlying conditions that would make them more susceptible to COVID-19. And for business owners, the CERS will cover up to 65% of rent or mortgage interest payments if a business has seen a decline in revenue by at least 70%.
For more information, visit www.moneywehave.com.
ABOUT BARRY CHOI
Barry is one of Canada's most outspoken advocates of financial literacy. After firing his financial advisor for charging him high fees and lack of investment advice, Barry embarked on a journey of self-education, because in his exact words, "no one will care more about my money than me." He has since become a sought-after personal finance and travel expert, making frequent media appearances, and featured in media across Canada and the United States including The Financial Post, The Toronto Star, Business Insider, The Globe and Mail, Breakfast Television, CTV News and HuffPost Live.
SOURCE Money We Have
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