Comments on: EI for the Self Employed http://blog.canadian-dream-free-at-45.com/2010/02/11/ei-for-the-self-employed/ Wed, 08 Feb 2012 17:31:40 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Malva http://blog.canadian-dream-free-at-45.com/2010/02/11/ei-for-the-self-employed/comment-page-1/#comment-39952 Malva Sat, 13 Feb 2010 15:40:51 +0000 http://blog.canadian-dream-free-at-45.com/?p=1256#comment-39952 I just wanted to point out that after being $413 gross per week for a really really long time, the maximum EI rate has gone up every year for the past three or four years. As of Jan 1, 2010, it's $457 gross per week ($22850 for a year of mat/parental). Another drawback is that you're penalized for earning money while receiving EI so income from any source, even passive income from your business reduces your benefits. I just wanted to point out that after being $413 gross per week for a really really long time, the maximum EI rate has gone up every year for the past three or four years. As of Jan 1, 2010, it’s $457 gross per week ($22850 for a year of mat/parental).

Another drawback is that you’re penalized for earning money while receiving EI so income from any source, even passive income from your business reduces your benefits.

]]> By: Jordan http://blog.canadian-dream-free-at-45.com/2010/02/11/ei-for-the-self-employed/comment-page-1/#comment-39923 Jordan Fri, 12 Feb 2010 19:57:46 +0000 http://blog.canadian-dream-free-at-45.com/?p=1256#comment-39923 I wonder what happens if you make a claim as a small business owner, then say you close your business and start a new one. Are you required to continue paying into the program for life? I wonder what happens if you make a claim as a small business owner, then say you close your business and start a new one. Are you required to continue paying into the program for life?

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2010/02/11/ei-for-the-self-employed/comment-page-1/#comment-39912 Canadian Dream Fri, 12 Feb 2010 15:40:23 +0000 http://blog.canadian-dream-free-at-45.com/?p=1256#comment-39912 Robert, Of course opening EI to the self employed is just politics. It's aimed squarely at female voters. It certainly wasn't to make the EI program cheaper. Financial Student, Of course your type of business would change the fact if you could even afford to shut down your business for a year or turn it over to someone else. So overall the program is limited on its usefulness. Tim Robert,

Of course opening EI to the self employed is just politics. It’s aimed squarely at female voters. It certainly wasn’t to make the EI program cheaper.

Financial Student,

Of course your type of business would change the fact if you could even afford to shut down your business for a year or turn it over to someone else.

So overall the program is limited on its usefulness.

Tim

]]> By: Financial Student http://blog.canadian-dream-free-at-45.com/2010/02/11/ei-for-the-self-employed/comment-page-1/#comment-39885 Financial Student Thu, 11 Feb 2010 20:17:11 +0000 http://blog.canadian-dream-free-at-45.com/?p=1256#comment-39885 Great summary! Thanks for the information. Even with several maternity leaves, it still might not make sense. It would depend on your profit margin after hiring your replacement for 1 year. My ideal business would be one in which I eventually became unnecessary for the day to day operations. If the company can't exist without you for one year, than you may not have a business to come back to. With or without maternity leave. I know my father-in-laws business would fall in this category. Great summary! Thanks for the information.

Even with several maternity leaves, it still might not make sense. It would depend on your profit margin after hiring your replacement for 1 year. My ideal business would be one in which I eventually became unnecessary for the day to day operations.

If the company can’t exist without you for one year, than you may not have a business to come back to. With or without maternity leave. I know my father-in-laws business would fall in this category.

]]> By: Robert http://blog.canadian-dream-free-at-45.com/2010/02/11/ei-for-the-self-employed/comment-page-1/#comment-39882 Robert Thu, 11 Feb 2010 19:27:14 +0000 http://blog.canadian-dream-free-at-45.com/?p=1256#comment-39882 Nice summary. What this also shows is that since it only benefits self employed people who are planning on having children, the cost of the program (if you could separate out the self-employed aspect) will be significantly negative for the gov't (i.e. taxpayers). I doubt many self-employed people will sign up for this if they look at the numbers. I am self-employed, already had my kid, so will definitely be passing on this. When it was announced I figured it was just politics and saving the gov'ts skin more than anything, and I am still convinced of that! Nice summary. What this also shows is that since it only benefits self employed people who are planning on having children, the cost of the program (if you could separate out the self-employed aspect) will be significantly negative for the gov’t (i.e. taxpayers).

I doubt many self-employed people will sign up for this if they look at the numbers. I am self-employed, already had my kid, so will definitely be passing on this.

When it was announced I figured it was just politics and saving the gov’ts skin more than anything, and I am still convinced of that!

]]> By: Candidate # 2 (The Rat) http://blog.canadian-dream-free-at-45.com/2010/02/11/ei-for-the-self-employed/comment-page-1/#comment-39872 Candidate # 2 (The Rat) Thu, 11 Feb 2010 16:47:58 +0000 http://blog.canadian-dream-free-at-45.com/?p=1256#comment-39872 Some of the requirements you mention definitely makes a selef-employed person take a second look. The whole prospect of having to pay EI premiums after receiving the benefits is a turn off, as is having to pay in for a year before reaping them. I've been fortunate to never been on EI before, but its certainly not a bucket of cash at the end of a rainbow for the self-employed that's for sure. Nice thread Some of the requirements you mention definitely makes a selef-employed person take a second look. The whole prospect of having to pay EI premiums after receiving the benefits is a turn off, as is having to pay in for a year before reaping them. I’ve been fortunate to never been on EI before, but its certainly not a bucket of cash at the end of a rainbow for the self-employed that’s for sure.
Nice thread

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