We understand that these are trying times, and it can be overwhelming to understand the benefits available and how to access them. There are resources available to both individuals and businesses who have been impacted directly or indirectly by COVID-19 from the Government of Canada. Some of these resources were mentioned in our webinars, so we have provided some more information below.
The Canada Emergency Response Benefit (CERB) is a taxable benefit for those who have lost their income due to job loss, illness, work disruption, caregiver responsibilities or quarantine. It will provide $2,000 for a four-week period for up to 16 weeks. Canadians who do not qualify for EI are eligible for the CERB benefit. The CERB benefit has recently been expanded to include seasonal workers and those who make less than $1,000 a month due to reduced work hours will also qualify.
Employment Insurance (EI) sickness benefits can provide up to 15 weeks of financial assistance if you cannot work for medical reasons. You could receive 55% of your earnings up to a maximum of $573 a week. To qualify, you must be unable to work for medical reasons, you weekly earnings have decreased by more then 40%, and you have worked 600 insured hours in the 52 weeks prior.
The Canada Emergency Wage Subsidy is designed to help businesses cover up to 75% of wages; up to $847 per week, for employers who have seen their gross revenue drop at least 15% in March, and 30% in April and May. This program is in place for 12 weeks from March 15th to June 6th 2020.
The Temporary 10% Wage Subsidy will allow eligible employers to reduce their payroll deductions remittances to the CRA for three months. This is available to individuals, non-profits, charities and private corporations eligible for the small business deduction.
If you have any questions on the links or resources or want to understand how these can fit into your financial plan, please reach out to your Wealth Strategist.
We hope everyone can remain safe during this crisis. Your Kinsted team is doing all that we can to support our clients, their families, employees and the community. Your health and safety, along with those of the team, remains our highest priority during these challenging and turbulent times.