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Everything You Need to Know About Employment Insurance

Are you happy with the new employment insurance earning. All unemployed Canadian nationals are supposed to get $49,500 in 2015, as compared with $48,600 in 2014. If you're self employed and want to opt-in for EI program, your annual income should be above $6,645 to be eligible for EI benefits. Some people don't know about it entirely. The best thing is to learn EI from corporate tax consultants who will guide you through the whole process. CTS Associates have been dealing these issues and helping people since 1988.
Employment Insurance Canada
Just in case, if you don't know what it is, Employment Insurance is a benefit payment made to the people during unemployment period.
How this system works?
There are three contributors of this system
" Employers
" Employees
" Federal government contributors
The system is run by mutual efforts of public and government. Premiums are collected by these three contributors and are used for the benefit of unemployed.
Under which situations you become eligible for EI?
Here are few conditions that will help you learn whether you're eligible for EI or not:
" You have lost your job and need financial assistance for a temporary period, or
" You quite work because of sickness or pregnancy
" You're not able to work because you need to take care of your spouse, child or parent who's critically ill
" You're leaving the job because someone in your family has serious injuries that will take weeks or perhaps months to heal
Under all these circumstances, you're eligible for EI or employment insurance.
Is it applicable on all citizens?
As mentioned earlier, the system is run by the public and government contributors to help those who go through unemployment phase due to any critical situation. Therefore, it does not apply on those who do not fall under following criteria:
If you worked in a company
" You were employed before
" The length of previous employment should lie between 420 and 700 hours. (Hours may change according to local unemployment rate, but remains within this range)
For self-employed people, the process is known as EI refund.
EI Refund
Current law does not cover family members for EI benefits. To support businesses who direct family members as their employees, there is a system called EI refund. Here's the condition for that.
If you're self employed, you will qualify for EI refund under these circumstances:
" Your family owns more than 50% of your business
" Your employees are your direct relative. For example, your spouse, parents, children and grad parents
" You paid EI premium for them
Business tax consultants
You need to fill the application very carefully, because regulations are quite strict. If you fill your EI refund claim request improperly, it will be simply denied, and when there is a negative ruling, it's quite difficult to over turn it. Therefore you will need professional assistance to submit proper request and receive the money according to your entitlement.