Canada Emergency Student Benefit
The Government of Canada recently announced a $9 billion fund to provide financial support to students and recent graduates during the summer, help them continue their studies in the fall, and help many get the experience they need to start their careers. Among the measures included in this framework is the Canada Emergency Student Benefit (CESB) which will be delivered by the Canada Revenue Agency (CRA).
The CESB will provide financial support to recent graduates and post-secondary students who are unable to work or find employment due to COVID-19, or are not earning over $1000, and who are not eligible for either the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI).
The benefit will provide:
- $1,250 every four weeks for eligible students/recent graduates, or
- $2,000 every four weeks for eligible students/recent graduates with disabilities or those with children or other dependents.
The CESB is available from May 10 until August 29, 2020. Applications will be accepted until September 30, 2020.
Applications for the CESB will open Friday, May 15, 2020.
To get ready to apply, the CRA encourages eligible students to take three important steps:
· Step 1: Register a profile with the CRA. If you have never filed an income tax return with the CRA, you may not have a profile. Call 1-800-959-8281 to activate your SIN with the CRA.
· Step 2:Register for My Account as this is the fastest and easiest way to apply for the benefit.
· Step 3: Enroll for Direct Deposit with the CRA through My Account or your financial institution to get your CESB within 3 days of applying. Alternatively, you must ensure your mailing information is up-to-date in My Account to receive a cheque by mail within 10 business days.
Find more information on the CESB website here.