New COVID-19 financial aid programs now available for Canadians

New COVID-19 financial aid programs now available for Canadians

New COVID-19 financial aid programs now available for Canadians

New COVID-19 benefits for struggling Canadians are open for applications starting this week, according to the federal government.

The new Canada Recovery Benefit, which can be applied for through the Canada Revenue Agency, will grant $500 per week to each successful applicant for up to 26 weeks. CRB proceeds will be considered taxable income.

CRB is available to Canadian job-seekers aged 15 and older who do not qualify for the updated employment insurance program, and who have lost their employment or seen their income fall by at least 50% during the pandemic. CRB will also be available to self-employed professionals.

Qualifying applicants should have earned at least $5,000 in 2019, in 2020, or in the 12 months prior to their first application for CRB.

The new Canada Recovery Sickness Benefit will grant up to $1,000 over two weeks to those who are unable to work due to COVID-19 infection, or those who are under self-isolation. However, beneficiaries of other federal aid programs are not permitted to apply for CRSB.

The Canada Recovery Caregiving Benefit, which is geared towards those who are unable to work (especially women) because they must care for a child under 12 years old or a family member who needs supervised care, will grant $500 per week for up to 26 weeks.

The federal government estimated that approximately 700,000 Canadians will be applying for the CRCB.