During these challenging and trying times with the unemployment rates going high, it’s getting quite difficult to cope with the living expenses for a huge population around the globe. As a result, the federal government has introduced some new incentives and benefits to aid the people in need. But the people are still unaware and confused about the application process, which one to apply for, how much they can get and what benefits they are entitled with.
Canada Recovery Benefits
You would be eligible for this benefit if you are workers who have stopped working or had your income reduced by at least 50% due to COVID-19, and who are not eligible for Employment Insurance (EI). And had employment and/or self-employment income of at least $5,000 in 2019 or in 2020, or in the 12-month period prior to their first application for the Canada Recovery Benefit.
The Canada recovery benefit pays a total of $900 after subtracting the 10% taxes for the upcoming two-week period after the application submission. The recovery benefit does not renew automatically. To keep receiving your payments, you must re-apply after each period, up to a maximum of 13 periods and before applying you must check for the eligibility each time.
Canada Sickness Recovery Benefits
This benefit would give income support to people struggling to earn due to getting affected by the virus or needing to self-isolate to avoid infecting or getting infected. This benefit can be only redeemed two times maximum in between September 27, 2020 to September 25, 2021 and this will give out a payout of 450$ after subtracting taxes for one week and if the condition continues, a second application can be submitted.
Canada emergency Rent Subsidy
This benefit would provide rent and mortgage support to business affected by the pandemic. This benefit would only cover for immobile non-domestic properties that is used for business activities. There is a set maximum so a 100% of expenses cannot be claimed. The maximum amount that can claim per period is $75,000 per business location or $300,000 total for all locations. Direct deposit can be received 3-8 days after filing your claim and cheque by mail can be received 7-17 days after filing your claim. The missed rent from May to September is not included in this benefit.
Canada Recovery Caregiving Benefit
This program $500 per week for up to 26 weeks per household for workers unable to work for having to care for someone disable or a child under the age of 12 because of having day cares and other care facilities being closed due to the pandemic. This might be because the care receiver is sick or is at high risk to get infected by the virus and need to be quarantined.
These were only a few from the many benefits provided to the public by the Government of Canada. There are a lot more small and large benefits provided which might be specific to you, be it you are a business owner, self-employed. So do your own research about your concerns and find out which program fits your concern and there is help being provided for nearly all financial concerns. Most grounds are carefully being covered by the Government, so use them if you are eligible and make your life a little easier.