Smarter Loans Inc. is not a lender. Smarter.loans is an independent comparison website that provides information on lending and financial companies in Canada. We work hard to give you the information you need to make smarter decisions about a financial company or product that you might be considering. We may receive compensation from companies that we work with for placement of their products or services on our site. While compensation arrangements may affect the order, position or placement of products & companies listed on our website, it does not influence our evaluation of those products. Please do not interpret the order in which products appear on Smarter Loans as an endorsement or recommendation from us. Our website does not feature every loan provider or financial product available in Canada. We try our best to bring you up-to-date, educational information to help you decide the best solution for your individual situation. The information and tools that we provide are free to you and should merely be used as guidance. You should always review the terms, fees, and conditions for any loan or financial product that you are considering.
The Canada Emergency Response Benefit Account, or CERB, is a COVID-19 relief measure released by the Canadian government. CERB lets Canadian residents that were forced to stop working due to COVID-19, to collect a $500 per week benefit ($2,000 per month).
In this video, Vlad Sherbatov, President and Co-Founder of Smarter Loans explains how CERB works, who is eligible to receive it and how to apply for CERB.
This video was recorded on April 10, 2020, based on information available at that time. We encourage you to visit www.smarter.loans/covid19 for latest updates and other COVID-19 resources available to Canadian residents and business owners.
CERB can be applied for online or by phone. Use the following link or phone numbers to apply:
If you have stopped working due to COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support. In this video, I will explain how the CERB works, who is eligible to receive it and how to apply for it.
Don’t forget to subscribe to the Smarter Loans YouTube channel for more videos for more videos that will help you make smarter financial decisions.
The CERB provides $500 per week for up to 16 weeks and is available to full time, part time employees and self-employed individuals. As of the date of this recording, the benefit is available for the period of March 15, 2020 to October 3rd, 2020.
The primary eligibility requirement for the $500 weekly benefit is stoppage of work due to COVID-19. Here are some of the most common reasons why people have stopped working due to COVID – 19.
This is not a complete list and other scenarios may be eligible for CERB as well. The benefit is available to workers that are residing in Canada and are at least 15 years old. They have stopped working because of COVID-19 and they did not quit their job voluntarily, they had at least $5,000 of income in 2019 or within 12 months prior to the date of the application. Applicants should expect to be without employment or self-employment income for at least 14 consecutive days after the application.
The government of Canada has opened up a central online portal to accept all CERB applications. To apply, you can use the online portal or you can also apply by phone. You will find the link to the application as well as the phone number in the description underneath this video.
If you are already receiving Employment Insurance regular benefit, you will continue to receive those benefits until the end of your benefit period. You cannot be paid both EI and CERB at the same time.
Benefits will start within 10 days after you submit your application. There is no waiting period. Payments will be made through direct deposit or by cheque. You will be paid more quickly if you select direct deposit.
If you applied a little bit late, don’t worry. Your payments will be retroactive to the date when you first became eligible for CERB.
During the application you will need to provide your personal contact information, SIN and confirm that you meet the eligibility requirements. It is possible that at a later point you will be asked to submit additional proof of eligibility.
To better manage speed and processing times, people are asked to follow a schedule of when to apply for CERB, based on their month of birth.
Check the video description for more details and make sure to check the canda.ca website for latest updates on all government subsidies related to COVID-19.
I hope you found this video helpful in how CERB works. Thank you very much for watching!
Life insurance is not as complicated as many people assume. We wanted to answer the most common questions that Canadians have about life insurance, so we got on a video call with Laura McKay, Co-Founder and COO of PolicyMe to get the right answers.October 15, 2020
The Food and Hospitality industry is going through a rapid digital transformation. This video is essential for existing restaurant owners as well as any aspiring entrepreneur who wants to learn how to equip their establishment for future success.June 19, 2020
The video covers everything from the different basic personal loan types, how they work, how much you can borrow, how to qualify for a personal loan, how to choose the right loan type, and the responsibility that comes with a loan of any kind and any size.May 27, 2020