On September 23rd, Prime Minister Justin Trudeau outlined the Federal government’s approach to meeting the challenges presented by the current COVID-19 pandemic. The plan focuses on four foundations:
Below, we highlight the support programs available to Canadians, who are struggling financially, due to the pandemic.
The Canada Emergency Wage Subsidy (CEWS) will be extended to Summer 2021. Under new program criteria, businesses with ANY revenue decline will be eligible. However, the amount of the subsidy will be based on the revenue drop, rather than the original 75%.
The day after the Throne Speech, in a bid for opposition support, the federal government announced that it will increase the new Canada Recovery Benefit (CRB) to $500/week, for up to 26 weeks.
The CRB applies to individuals who are self-employed or not eligible for Employment Insurance (EI) but require income support. It supports those individuals who have not returned to work due to COVID-19 or whose income has been reduced by 50% or more.
The Canada Recovery Sickness Benefit (CRSB) will provide $500/week, for up to 2 weeks, for workers who are unable to work because they are sick or must isolate due to COVID-19.
The Canada Recovery Caregiver Benefit (CRCB) will provide $500/week per household, for up to 26 weeks, to individuals who cannot work because they must provide care to children or family members due to the closure of schools, day cares or care facilities.
The government pledged to bring in a new Canadian Disability Benefit (CDB) that will be modelled after the Guaranteed Income Supplement (GIS) for seniors.
The CRB, CRSB, CRCB and CDB are pending the passage of legislation in the House of Commons and Senate.
See eligibility for CRB and more at: https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses