The Canada Recovery Benefit is ending, with a new one taking its place

The Canada Recovery Benefit (CRB) will come to an end on October 23rd and will be replaced with a new program called the Canada Worker Lockdown Benefit, which can come into effect in the event of local temporary lockdowns.

"As the CRB has done up until now, this new benefit, the Canada Worker Lockdown Benefit would provide $300 a week to workers who are subject to a lockdown including those who are ineligible for employment insurance.” said deputy Prime Minister Chrystia Freeland during a news conference.

The Canada Recovery Benefit (CRB) paid $300 per week and was available for people not eligible for Employment Insurance (EI). Those not employed or self-employed for reasons related to COVID-19, or those who had their income reduced by at least 50 per cent due to COVID-19 also qualified.

“These support measures were always designed to be temporary to get us through the crisis," said Freeland. “We’re now in a new phase, one that is very different from the darkest days in the fight against covid”

The Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefit (CRCB) will be extended until May 7th, 2022.

"The total cost of these measures through May 7th of next year will be $7.4 billion, that compares to the $289 billion we have spent on income and business supports since the start of the pandemic."

Ottawa also announced it will replace wage and rent subsidy programs with targeted supports.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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