The federal government kicked off the new parliamentary session by boosting the Canada Recovery Benefit (CRB) to the same level as the Canada Emergency Response Benefit (CERB), which is winding down as it transitions to Employment Insurance (EI).
“The Canada Recovery Benefit will help Canadians who stopped working due to COVID-19 but do not qualify for EI and Canadians who continue to have their employment or self-employment income reduced by 50 per cent or more due to COVID-19,” said Employment Minister Carla Qualtrough, during a news conference.
“It would provide eligible workers with $500 per week for up to 26 weeks, between September 27th 2020 and September 25th 2021.”
That’s an increase from $400 when the program was first announced, alongside three others, in August.
Anyone receiving the benefit can earn up to $1,000 a month. But they will have to repay 50 cents on every dollar earned above $38,000, until the benefit amount is reduced to zero.
“Like EI, this new benefit will be paid in respect of the previous two weeks. This is different from the CERB, which was paid in advance.”
CRB along with the other two previously announced benefits, the Canada Recovery Caregiving Benefit (CRCB) and the Canada Recovery Sickness Benefit (CRSC) will be part of BIll C2 — which Finance Minister Chrystia Freeland asked the other parties to help pass during the news conference.
“A failure to extend the legislation we are putting forward today could disrupt these payments with very harmful consequences for people’s lives, for families, and for businesses across the country.”
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.