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Although the Canada Recovery Benefit (CRB) has officially been extended so that Canadians can get paid for longer, the amount on offer is getting smaller.

As part of the 2021 federal budget, the government proposed extending the CRB by 12 weeks, up to a maximum of 50 weeks.

While this means Canadians will be able to access the financial support for a longer period of time, the amount available to claim is going down.

Now that the federal budget has formally passed, Canadians who are eligible for the CRB can only claim $500 per week ($1,000 biweekly) for up to 42 weeks.

After this, they can get a maximum of $300 per week ($600 biweekly) for the remaining eight weeks.

That's not all. From July 18, all new claimants will receive $300 per week ($600 biweekly) from the outset and will not receive $500 per week for any period of time.

It's also worth keeping in mind that 10% of tax is withheld at source when it comes to the CRB, so the total payment will be $270 per week ($540 biweekly).

Now that the benefit has been extended, Canadians can re-apply for a total of 50 weeks between September 27, 2020 and September 25, 2021.

*This article's cover image is for illustrative purposes only.

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