CRA collection benefits: get paid sick leave of $ 500 per week for 2 weeks


It has been six months since the COVID-19 outbreak. You cannot be locked away forever. Hence the Canada Revenue Agency (CRA) is moving from foreclosing the economy to reopening and living with COVID-19. CRA moves to the next phase of the recovery with two new recovery benefits aimed at helping Canadians fight COVID-19. It introduced a weekly cash benefit of $ 500 for the sick and an additional $ 500 weekly benefit for caregivers.Finance Minister Chrystia Freeland said: “We recognize that there continues to be a public health crisis in our country, and we need to prepare for other possible economic shutdowns due to epidemics or future waves of COVID-19. ”

The new collection services from the CRA

The CRA introduced three new collection services for 12 months starting September 27.

  • The Canada Recovery Benefit, which is an alternative to the Canada Emergency Response Benefit (CERB)
  • Canadian Recovery Sickness Benefit (CRSB)
  • Canadian Restorative Care Benefit (CRCB)

The CRA is creating a new web page where you can apply for these three benefits. He will reveal details on how to apply in a few days. What we know so far about these benefits is that they are taxable, temporary, and will be paid after the benefit period ends as arrears.

I will talk about CRSB and CRCB, which aim to support patients and caregivers.

the Canadian recovery sickness benefit

As Canada moves on to life with COVID-19, there is an urgent need to ensure everyone has paid sick leave. Many companies offer paid sick leave. But those who do not have access to these types of benefits from their employer will benefit directly from the CRA. This includes on-demand or contract workers, self-employed workers and freelancers.

The CRSB will give you $ 500 per week for up to two weeks if you become ill or need to quarantine for 14 days for reasons related to the coronavirus. It will help people stay at home without worrying about their living expenses.

the Canada caregiver recovery benefit

The CRA also announced a CRCB of $ 500 per week for up to 26 weeks. You can benefit from this benefit if you have to tell the house to take care of dependents because

  • Schools, daycares or other health care facilities are closed due to COVID-19; or
  • A healthcare professional has advised them not to attend school, daycare, or other health care facilities as they are at high risk of serious illness if they contract the virus.

You will not be eligible for the CRCB if schools and care facilities are open, but you choose not to send your children or other dependents. Dependents include children under 12, a disabled family member, or a high risk family member.

The CRCB will cover your living expenses. A household can only claim one CRCB of $ 500 at a time for 26 weeks. If you have two children and a high-risk grandparent, you cannot make three CRCB claims (up to $ 1,500) at a time.

You can benefit from CRSB and CRCB anytime during the next 12 months starting September 27. The CRA has maintained such a long benefit period that it will take at least a year for a vaccine to arrive and for everyone to be immunized.

Make the most of the $ 500 benefit

The two payback benefits are beyond your $ 400 per week in the CERB alternative. The CRA has not disclosed any income criteria for CRSB and CRCB. If the CRB amount is enough to cover your family’s expenses, you can use sickness or caregiver benefits to create a medical emergency fund.

Constellation software (TSX: CSU) is a relatively low risk software stock that has grown at an average annual rate of 30% over the past five years. The company increases its revenue and profits by acquiring small businesses with stable cash flow. It has a diversified clientele and a large portfolio which makes it resistant to an economic crisis.

If you had invested $ 500 in Constellation every year since January 2015, you would now have over $ 7,500 in your medical emergency fund.

Here are other actions that can double your CRSB / CRCB payments by $ 500!

The 10 Best Stocks to Buy This Month

Renowned Canadian investor Iain Butler just named 10 stocks Canadians can buy TODAY. So if you are tired of reading about other people getting rich on the stock market, this might be a good day for you.
Because Motley Fool Canada offers a 65% discount off the list price of its best stock picking service, along with a full membership fee refund guarantee on what you pay for the service. Just click here to find out how you can take advantage of it.

Click here to find out more today!

Mad contributor Puja Tayal has no position in any of the stocks mentioned. The Motley Fool owns stocks and recommends Constellation Software.


Please enter your comment!
Please enter your name here