World News – CA – Payback Benefits: You Can Apply To CRB TODAY!


The Motley Fool Canada »Dividend Stock» Clawback Benefits: You Can Apply For CRB TODAY!

Andrew Button | October 12, 2020 | Find out more: FTS FTS

If you are a self-employed worker who has lost your job due to COVID-19, I have good news for you:

You can apply for the Canada Recovery Benefit (CRB) today The CRB is the new post-CERB benefit for those ineligible for EI This group includes the self-employed and small business owners While two post-CERB benefits (CRCB and CRSB) were launched on October 5, the CRB took longer to deploy Today is finally live

If you were previously self-employed and currently unemployed, you are probably eager to receive the CRB benefits you have been promised So without further ado, let’s see how you can apply to CRB today

When filling out the form, you will need to provide information about your employment status

The CRB pays $ 500 excl.taxes per week However, $ 50 in payroll deductions are deducted each week So you get $ 900 per bi-weekly pay period The CRB is available for 26 weeks, which means you can collect $ 11,700 in 26 weeks after taking out payroll deductions You may have to pay more taxes on top of that manually, depending on your total income for 2020 and 2021

CRB is in many ways similar to CERB Paying $ 500 per week (before tax) to Canadians ineligible for EI, it has many of the same features as the program it replaced But there are also differences Some of them undoubtedly make the CRB better than the CERB

On the one hand, the CRB is available for an entire year The CERB, on the other hand, was only available for a few months Although you can only get the CRB for 26 weeks out of the whole year it is available, the long period of availability makes it much more flexible

The money you can get with 26 full weeks of CRB is substantial After you withhold taxes you can get $ 11,700 as mentioned above If you invested $ 11,700 in a stock like Fortis Inc (TSX: FTS) (NYSE: FTS) this could go a long way Fortis is a dividend stock with a 3 7% yield at today’s prices If you invest $ 11,700 in a 3 7% yield you get $ 450 in income annual cash It’s a good supplement to income

And it has the potential to grow over time First of all, you can increase your FTS dividends by investing more money in the stock in the future. Second, the management of the company could increase the dividend – in fact, they plan to do so within the next five years. You can also realize a capital gain on the stock If you take both the dividends and the capital gains. capital, and $ 11,700 could go quite a long way invested in FTS stocks

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World news – CA – Recovery Benefits: You can apply for CRB TODAY!


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