Canada Emergency Response Benefit
Financial Management

Canada Emergency Response Benefit

Today I saw a lot of advertisement for the Canada Emergency Response Benefit where people can soon start applying for funding due to a loss of work as a direct result of the COVID 19 pandemic. Because they are expecting a huge surge of applicants it’s actually interesting to see that they are requesting people to apply based on their month of birth for specific dates. I suppose this will help them to organize requests as well.

According to the site, applicants must meet the following criteria:

Residing in Canada, who are at least 15 years old;

-Who have stopped working because of COVID-19 and have not voluntarily quit their job;
-Who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
-Who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, they expect to have no employment income.

The Benefit is only available to individuals who stopped work as a result of reasons related to COVID-19. If you are looking for a job but haven’t stopped working because of COVID-19, you are not eligible for the Benefit.

So this will be interesting on how many people will actually qualify considering self-employed people often have multiple sources of income. For example, if a typical parent who normally works a regular job as their main income but has a side business that generates an extra $100 a month in residual income as it is recession free per se then does that disqualify them from receiving this funding? This will be interesting to see how it plays out.

Leave a Reply

Your email address will not be published. Required fields are marked *