The government in its infinite wisdom (or maybe because it’s so broke) decided to allow self-employed persons to apply for the employment insurance benefit. The benefits you would get are limited to maternity, parental, sickness, compassionate care, and care of critically ill children.
Sorry, but you can’t lay yourself off and collect benefits. Oh, and you have to wait 12 months before you can ever claim any benefits. So, if you’re pregnant now, you’re too late.
What are the Eligibility requirements?
You can enter into an agreement, or register, with the Canada Employment Insurance Commission through Service Canada if you:
You will qualify for EI special benefits if:
As you can see it’s quite a bit of work to actually get the benefits and you have to have income to get any kind of benefit. So, if you’re business isn’t making a profit, you’ll be hard pressed to ever collect any employment benefits.
Is it worth doing Employment Insurance (EI)?
I don’t believe in the end it’s worth the hassle to do employment insurance. There are much better ways to deal with a crisis, such as critical illness insurance, disability insurance and other avenues. With the EI program, you’re just contributing into the pool, and it goes out for everyone in that pool to use. You may never use, or if you do there’s a limit to how long and how much you get paid. In the end, you need to setup a savings/insurance program for those times when you’re going to be off work.
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