Hey guys, this is Thomas!
Your Trusted Advisor Here!
Last week,
I posted a video that talks about what to expect after the CERB is over.
There was an overwhelming amount of great response in the comments,
I really appreciate for that!
So I spent a night compiling all of YOUR questions
into the top 10 FAQs,
so you don’t have to dig through all the comments to find the answers!
Before we get started,
just a quick note that all the information I provide here
are entirely based on the government’s official website.
This information can be updated at a moment’s notice,
so for the most accurate information,
please check the government website.
Oh and there is no particular order to these questions.
I just put them in the order that make sense to me
And lastly, if you find this video useful,
Do me a favor!
SMASH that thumbs up button!
So YouTube will know this is good stuff
and show to more people who need it
let’s jump in!
First question: Can I still collect CERB?
CERB has officially ended,
but if you are qualified for period 7
that is between August 30 to September 26, 2020
and have not applied yet,
you still have time to apply for this payment.
You can continue to apply retroactively for this period
only through the CRA online portal or through the phone line.
2. Now that CERB is over, what options do we have?
If you are done with CERB and still need financial aid,
there are 2 options you can consider.
One is the Canada Recovery benefit.
The other one is Employment Insurance.
You can only get one or the other.
For CRB, it’s flat-out $500 per week for 26 weeks.
With EI, you can get a minimum of $500 per week
for at least 26 weeks.
And if your original paid was higher,
the EI can stretch it to $573 per week to 45 weeks,
3. If I was on CERB before,
do I need to re-apply for EI then?
The short answer is it depends.
If you were on EI already before CERB started,
then you don’t need to do anything.
The government will transfer you back
to EI and continue with the benefit.
But if you never applied to EI before,
then you would have to apply for it now.
You can do so on the Service Canada website.
4. What about for CRB? where can I apply?
Similar to CERB,
you can apply through the CRA online portal.
They haven’t provided a phone number to call yet,
but I would assume that similar to the past,
they would have one available eventually.
5. I opened the CRA portal, why can’t I see it yet?
This is mainly because last week,
the benefit was still pending…
meaning it could be shot down if any parties were against it.
But the good news is that, as of the end of September,
all the political parties are in favor of the new benefits.
So everything is good to go now.
It should be ready on the website by early October.
I will give an update once the benefit is launched.
Ok so one of the qualifications for CRB is that
your income for the past 2 weeks has to be 50% less.
But which period are you comparing it to?
So what I did was that
I went into actual Bill C-4 to find out the detail
the CRB benefit will last for 26 weeks
between sept 27th 2020 and September 25th 2021.
It has two calendar years involved,
meaning you can apply for this benefit this year (in 2020)
or you can apply for this benefit in 2021.
If you are applying for the CRB now in 2020,
then you must be making 50% less compared
to the entire 2019 or the past 12 months.
On the other hand, if you are applying in 2021 instead,
then you can compare it to the past 12 months,
the entire 2019 or the entire 2020.
This means there are more timeframe options for you
to compare your income level against.
Let me give you an example here:
It was the good old days in 2019,
Tom’s annual income was $52,000,
which translates to $1,000 per week for the entire year of 2019.
In May of 2020, his income was affected because of Covid19.
Let’s say his average income has gone down to $700 per week
Fast forward September 2020 has just ended.
Tom is making an average of $500 per week.
Now he wants to apply for the CRB in October.
He compares his current income to his income in the past 12 months.
He would not qualify because his average weekly income
was $700 for a good portion of the past 12 months.
It’s not quite 50% less.
However,
if he compares his current income to the entire year of 2019,
which was much higher ($1,000/week),
then his current income is 50% less that what he used to make,
and therefore qualifies for the CRB.
Comment below if you would like more examples!
A lot of you also want to know
how your other activities will affect the Canada Recovery Benefit
such as:
7. Can I still work while I’m collecting CRB?
Yes, while you are collecting CRB, you should go to work.
That’s the original intention behind the benefit.
But here’s the kicker:
If your income is less than $38,000 a year
excluding the CRB payment,
then you don’t need to repay the CRB.
If your income is more,
then for every extra $1 you make in excess of $38,000,
you have to pay back 50 cents.
We are talking about the Annual Net Income here,
so this includes your employment income,
your rental income, investment income or selling your place
8. Which one should I go for? EI or CRB?
If you are strictly comparing the Math,
CRB is paying a flat rate of $500 / week for 26 weeks,
versus EI, which pays 55% of your income,
ranging from at least $500 / week for 26 weeks
up to $573 / week for 45 weeks,
so EI seems better in this case.
HOWEVER!
Unlike back then, you don’t get to choose between EI or CRB.
If you have been contributing to EI before,
and you work decent hours, say as a 9 – 5 employees,
then you have to apply for Employment Insurance;
whereas if you are self-employed or a freelancer
making you ineligible for EI,
then your only option here is to apply for CRB.
there might be one exception,
and that’s if you have collected EI before
and it runs out during any time before Sep 25th 2021,
then you might be able to apply for CRB.
Note that the keyword that I used here is ‘’might’’,
as there isn’t a specific clause
that says you can claim CRB after your EI runs out.
So please! make sure you meet the qualification before you apply.
That’s enough comparing EI and CRB.
You can check out my last video
if you want a more complete comparison
between the different types of benefits,
it also talks about the Canada Recovery Sickness Benefit (CRSB)
and the Canada Recovery Caregiving Benefit (CRCB).
9. Can I apply for all three benefits simultaneously?
The short answer is no.
You cannot receive three benefits at the same time,
and you are not eligible for any of the new benefits
if you are already receiving EI.
You can only apply one benefit at a time,
which means that you can apply for a different benefit
after your current one has ended.
Let’s say you have finished collecting all the CRB payment,
but now you have to take care the kids
because the daycare is still closed,
then you can choose to apply for CRCB at that point.
10. If I have to take care of kids (under 12)
who are attending classes from home,
am I still eligible for CRCB?
the Canada Recovery Caregiving benefit is for parents
who need to take care of their kids or elders
due to the fact that their school
or care facility was closed due to covid,
or a medical professional advises you not to go.
So if you decide you want your kids to stay home voluntarily,
then sorry you cannot qualify for the CRCB
unless your doctor can vouch,
he or she will be at high risk to the facility
Alight and that’s my top 10 FAQs,
I hope this video helps!
Comment below if you have more questions,
or you can send me an email
if you want to talk about your situation offline,
I will do my best to help!
Stay home, stay safe!
And I will see you guys in the next video!
Bye Guys!