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Tuesday, August 4, 2020

Canada Revenue Agency Makes Two Significant Changes To CERB

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The Canadian Emergency Response Allowance (CERB) was established during the early stages of the COVID-19 pandemic in North America. Since March, Canadians have been able to collect payments if they have lost their jobs due to the pandemic. However, some people received benefits even if they were not eligible for them. As of June 3, nearly 190,000 Canadians have already reimbursed benefits for which they were not eligible.

The Canada Revenue Agency (CRA) can also follow up with other recipients if it discovers that they should not have received CERB payments.

There are two new changes to CERB that the government announced this month regarding the program.

CERB to be extended by eight weeks

Initially, the CERB was designed to last four months or 16 weeks. But with the pandemic still far from over, and some Canadians who applied early now maximizing their benefits, the government has chosen to extend the CERB by eight weeks. This means that instead of 16 weeks of payments, Canadians will receive payments covering 24 weeks. This extension means that an additional $ 4,000 in taxable benefits are available to eligible Canadians.

A certificate will be required

As of July 5, the CRA will also require beneficiaries who request CERB overtime to sign a certificate acknowledging that the government wants them to find work.

On the Canada Emergency Student Allowance (CESG) website, it also says that the CRA “may ask you to provide information later to verify that you looked for work during the period (s) eligibility you requested. important to keep track of your current job search activities. “This could be a sign that the CRA may be more serious about eliminating CERB and CESB applicants who are not interested in returning to work or finding employment.

Should you invest your CERB payment?

The telecommunications stock currently pays investors a quarterly dividend of $ 0.29125. Each year, this means that investors will earn 5% if they were able to buy the shares for around $ 23. To put things in perspective, suppose you have to invest $ 10,000 in Telus. With a 5% payment, you would earn $ 500 per year in dividend income. And if that investment is held in a tax-free savings account (TFSA), that dividend income would also be tax-free.

It’s hard to go wrong with an action like Telus because it’s an industry leader and a business that is a safe investment that you can just buy and forget. Telus’ quarterly revenues over the past 10 quarters are in a fairly comfortable range between $ 3.3 billion and $ 3.8 billion. And during this time, the company has normally achieved a profit margin of at least 9%.

Whether you’re a long-term investor or just looking for a place to keep your money during the pandemic, investing in Telus is a great option.

The Canada Revenue Agency is making two important changes to CERB in The Motley Fool Canada.

David Jagielski has no position on any of the securities mentioned.“data-reactid =” 45 “>Fool contributor David Jagielski has no position on any of the securities mentioned.

Click here now for your free subscription to Take inventory, Motley Fool Canada’s free investment newsletter. Packed with stock ideas and investment advice, it’s essential reading for anyone looking to build and grow their wealth in the years to come. Motley Fool Canada 2020“data-reactid =” 46 “>Motley Fool’s goal is to help the world invest better. Click here now for your free subscription to Take inventory, Motley Fool Canada’s free investment newsletter. Packed with stock ideas and investment advice, it’s essential reading for anyone looking to build and grow their wealth in the years to come. Motley Fool Canada 2020

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