May 14, 2020
To help post-secondary students and recent graduates who will experience financial hardship over the summer due to COVID-19, the Government of Canada is launching the Canada Emergency Student Benefit through the Canada Revenue Agency (CRA) on Friday, May 15.
What is the Canada Emergency Student Benefit (CESB)?
The CESB will provide income support to post-secondary students who lost work opportunities due to COVID-19 and are not receiving the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI). Eligible students will receive $1,250 per month from May through August 2020, or $2,000 per month for students with dependents and those with permanent disabilities.
Students are eligible to apply for the CESB if they:
- are enrolled in a post-secondary education program leading to a degree, diploma, or certificate;
- ended their studies or graduated no earlier than December 2019;
- are high-school graduates who have applied for and will be joining post-secondary programs in the coming months; and
- are Canadian students studying abroad who meet one of the above criteria.
How to apply and register for direct deposit?
CIBC is working with the Canada Revenue Agency (CRA) to help clients receive benefit payments faster and securely through direct deposit into your CIBC account. If you don't have a CIBC account, you can open one here. To register for direct deposit through the CRA, you can sign up now through CIBC Online or Mobile banking following these 2 steps:
- Complete the online form to register for CRA direct deposit.
- Apply for the CESB benefitOpens a new window in your browser..
For questions regarding the federal government’s eligibility and application process for the CESB program, please refer to the Government of Canada’s CESB pageOpens a new window in your browser..
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Senior Executive Vice-President and Group Head of Personal and Business Banking