The Canada Recovery Benefit (CRB) provides income assistance to employed and independently employed individuals who are directly affected by COVID-19 and are not qualified for Employment Insurance (EI) benefits. The CRB is directed by the Canada Revenue Agency (CRA).
Contingent upon when you begin applying for the CRB, you can either get $1,000 ($900 after taxes retained) or $600 ($540 after taxes retained) for a 2-week time span.
On the off chance that your circumstance proceeds, you need to apply again. You must re-apply every 2 weeks as CRB does not renew automatically. You can apply for up to a total of 27 qualification periods (54 weeks) between September 27, 2020 and October 23, 2021.
Who can apply? (Eligibility Criteria)
To be eligible for the CRB you need to meet the following conditions for the 2-week period you are applying for:
During the period you are applying to:
OR
Individuals who are found to have fraudulent claims will go through consequences consisting of penalties and even jail time!
How CRB is taxed?
After the CRA retains a 10% tax at source, the actual instalment you get is $900 or $540 for a 2-week time frame, contingent upon your circumstance.
If you earn over $38,000
In the event that you acquire more than $38,000 net income in the scheduled year, you should repay some or all of the benefits at tax time!
You will have to reimburse $0.50 of the CRB for each dollar of net income you procured above $38,000 on your income tax return. You won’t need to repay more than you got that year.
When to expect your payment
If you are qualified for CRB, you can expect to receive $1,000 ($900 after-tax retained) or $600 ($540 after-tax retained) for every 2-week time span, contingent upon when you begin applying for the benefit.
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