X ways the $ 500 / week CRB is better than the $ 2,000 / month CERB


The Canada Revenue Agency (CRA) has finally announced the end of the Canada Emergency Response Benefit (CERB). The last eligibility period for CERB ended September 26, 2020. However, many Canadians remain unemployed and a large portion of them cannot qualify for the Adjusted Employment Insurance (EI) program.The CRA launched the Canada Recovery Benefit (CEP) program as one of the alternative programs to replace CERB. Many Canadians who rely on CERB were devastated that there will be no more overtime. However, it looks like CRB could be a much better way to help Canadians who cannot win at the moment over CERB.

I will discuss how CRB is better than CERB and how you can get the most out of payments.

Three Ways CRB is Better Than CERB

The CRB benefit pays $ 500 per week, like the CERB. Although the payout is the same for both programs, there is a significant difference in how you can receive them. The CRB eligibility periods are two weeks. This means that you will receive $ 1,000 with each request instead of $ 2,000 for four week periods.

In addition, the CRB eligibility periods will last 52 weeks. You can request CRB payments for any of the 26 weeks of the eligibility period. You can earn a maximum of $ 13,000 through CRB if you collect all the payouts.

  • You can apply for CRB in any of the 26 weeks from September 27, 2020 to September 25, 2021.
  • You can apply for the CRB even if you earned more than $ 1,000 per month as long as your annual income is less than $ 38,000.
  • You will receive the CRB payments with the tax already deducted, so you don’t have to worry about it while you file your income taxes in the next tax season.

Application CRB

Applying for a CRB is similar to applying for a CERB. You must register for the benefit on the CRA website and submit your request for each two-week period in which you wish to request the CRB. You can apply for the benefit for each period of eligibility up to 60 days after the end of that period.

For example, the first CRB eligibility period lasted from September 27, 2020 to October 11, 2020. You can request the CRB amount for this eligibility period until December 10, 2020.

Maximize the value of your CRB payments

If you were already preparing to make alternative arrangements to manage your expenses due to the end of CERB and you are still eligible for CRB, I would advise you to use the amount to invest in a high growth tech stock like Lightspeed POS (TSX: LSPD) (NYSE: LSPD).

Lightspeed has been a major player in the Canadian tech landscape since its IPO. The stock experienced a drastic drop in growth and valuation at the start of the lockdowns. Most of his customers ended their subscriptions with the company because they could not pay for its services.

Lightspeed updated its offerings to provide customers with cloud-based solutions that restaurants and retailers could use for their e-commerce platforms. Since the update, Lightspeed valuation skyrocketed.

Lightspeed is trading at $ 45.99 per share as of writing. Its valuation has risen by more than 280% since its low in March 2020.

Takeaway idea

Ask CRB to take advantage of its advantages over the CERB program. If you can afford to manage your daily expenses in other ways, you should consider investing your CRB payments of $ 500 per week in high growth stocks.

Minor fluctuations aside, Lightspeed has grown steadily over the past few months. I think this could be a fantastic way to maximize the value of your CRB money.

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Silly contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool owns shares of Lightspeed POS Inc.


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