New Canada Recovery Benefit and EI Plans
Financial Management

New Canada Recovery Benefit and EI Plans

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With the CERB done with a lot of people are still in need of financial support to help get though these times. The intention is to try and transition people into the EI program where some modifications have been made. To qualify for EI the following stipulations have been listed:

-were employed for at least 120 insurable hours in the past 52 weeks
-received the CERB, the 52 week period to accumulate insured hours will be extended
-stopped working through no fault of your own
-have not quit your job voluntarily
-are ready, willing and capable of working each day (EI regular benefits)
-are temporarily unable to work while you care for someone else or yourself (EI maternity, parental, sickness, compassionate care, and family caregiver benefits)
If you are eligible for EI benefits, you will receive a minimum taxable benefit at a rate of $500 per week, or $300 per week for extended parental benefits.

So that should help many. For people like gig workers that don’t qualify for EI there is a new plan currently going through legislation called the Canada Recovery Benefit. The points to receive this benefit are as follows:

-We would provide $500 per week for up to 26 weeks, to workers who are self-employed or are not eligible for Employment Insurance (EI) and who still require income support.

You may be eligible for this benefit if you:

-are not eligible for EI
-reside and are present in Canada for the application period
-are at least 15 years old on the first day of the application period and have a valid Social Insurance Number (SIN)
-earned a minimum of $5,000 in 2019, in 2020, or in the 12 months preceding your first application for this benefit from one or more of the following sources: employment income, self-employment income, Employment Insurance (EI) maternity or parental benefits; or Quebec Parental Insurance Plan (QPIP) benefits
-have stopped working due to the COVID-19 pandemic and are available and looking for work; or are working and have had a reduction in their employment/self-employment income for reasons related to COVID-19
-have had a reduction of at least 50% in your employment/self-employment income for reasons related to COVID-19
-have not quit your job voluntarily
-are not receiving the Canada Recovery Caregiving Benefit (CRCB), the Canada Recovery Sickness Benefit (CRSB), short-term disability benefits, workers’ compensation benefits, any Employment Insurance (EI) benefits, or Quebec Parental Insurance Plan (QPIP) benefits for the week for which you are applying.

More options for everyone in Canada that needs the support. Universal basic income is still what is assumed to be the more permanent solution in the end.

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