CEBA Loan Forgiveness Repayment Deadline Extended
CEBA Loan Forgiveness Repayment Deadline Extended January 13, 2022 On January 12, 2022, the government of Canada announced that the repayment deadline for the Canada
January 13, 2022
What is the CRSB?
The CRSB provides income support to eligible employed or self-employed individuals who have been unable to work due to being ill or needing to self-isolate due to COVID-19. This benefit helps individuals who do not qualify for Employment Insurance (EI) and still require assistance, now that the Canada Emergency Response Benefit (CERB) has ended. The CRSB is also available to employed or self-employed individuals who have underlying health conditions that put them at higher risk of becoming infected with COVID-19.
Who is eligible for the CRSB?
The CRSB provides $500 ($450 net after taxes withheld) for a one-week period to employed and self-employed individuals who are not able to work due to being ill or needing to self-isolate due to COVID-19, or due to the fact they have an underlying health condition that places them at higher risk of becoming infected with COVID-19.
If additional time is needed past the initial one-week, eligible individuals will need to re-apply. Individuals may apply up to a total of two weeks between September 27, 2020, and September 25, 2021.
Individuals who wish to apply for the CRSB much meet specific eligibility conditions for the one-week period they are applying for. To see if you meet the eligibility criteria, please click here.
How to apply for the CRSB:
Eligible employed or self-employed individuals can apply for CRSB on CRA’s website for each one-week period.
The CRSB has been available for application since October 5, 2020, for the first eligible one-week period of September 27, 2020, to October 3, 2020 (period one). The final one-week period is from September 19, 2021, to September 25, 2021 (period fifty-two).
During the eligibility periods, the maximum number of weeks an individual can apply for is two. The two weeks do not need to be taken consecutively. Applicants have up to sixty days to complete their application and it must be completed after the end of the two-week period they are applying for.
To view all the one-week periods you can apply for, please click here.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
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