Announcing The Winner of Our Financial Literacy Scholarship (Spring 2022)
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
For the past year, the COVID-19 pandemic has caused massive financial stress for millions of Canadians who have either lost their jobs or their businesses as a result of nation-wide shutdowns to curb the spread.
In order to assist Canadians who may be financially struggling, the federal government has developed a handful of programs to help fill the gaps and ensure people are still able to keep up with their financial obligations.
One such program is the Canada Recovery Caregiving Benefit (CRCB). This benefit provides income support to Canadians who can’t work because they must care for their child(ren) under the age of 12 or a family member who requires supervised care.
Schools, daycare facilities, and other programs that typically supervise children or adults who require regular care may have been closed throughout the pandemic, forcing many Canadians to step in and take over in a caregiving position. As such, they may not be able to return to work in order to assume this unforeseen role.
The CRCB can help provide some financial compensation to those who have found themselves in this precarious position.
Check out if your COVID-19 benefits are taxable.
The CRCB is administered by the Canada Revenue Agency (CRA) and provides eligible Canadians with $500 ($450 after taxes) for a 1-week period. This program must be re-applied for every week if the situation persists.
Every household may apply up to a maximum of 44 weeks (previously 42 weeks) from September 27, 2020, to May 7, 2022 (maybe extended further until July 2, 2022).
The CERB is gone, how is the government going to help if you get sick with COVID-19?
In order to qualify for the CRCB, you must meet the following criteria:
You can apply for CRCB in 2 ways:
You must wait for the first Monday after the 1-week period has ended before applying. You can apply for any 1-week time period up to 60 days after the end of the period, if you are eligible.
You can request to be paid by:
Here’s what you should do if you owe money to the CRA.
If you’re in a situation that has forced you to stay home from work because you must care for your child or a family member because of school, daycare, or facility closures or unavailability, you may qualify for compensation through CRCB. Make sure you meet all the eligibility criteria prior to applying and remember that you will need to re-apply for every week that you require financial assistance.
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