Does EI offers insurance benefits to small businesses or can I apply for Employment Insurance benefits as a self-employed? During our previous article, we talked about Employment Insurance and other series of EI benefits program. As we all know, Employment Insurance is a program designed by the Canadian federal government to provide temporary income supports to workers that stop working due to some circumstances like illness, pregnancy, newly adopted child, and more. The Small Business Employment Insurance is also known as self-employment insurance offers special benefits to people that own a business or control half share of the business.
The small business employment benefits also referred to as EI for small business owners offers workers that take some month off from work or from their business in other to take care of themselves children, other family members. They are entitled to enjoy financial support that is up to 55% of their earning. As of 2020, the maximum amount one can enjoy is $573/wk.
Types of Small Business Employment Insurance Benefits
On the contrary, the type of EI benefits for self-employed or EI benefits for small businesses as to do with the benefit name, who this benefits are, maximum weeks, and weekly maximum they are entitled to enjoy.
Business owners that stop work due to the fact that they’re pregnant or have given birth are people that entitle for this benefit. The maximum weeks is 15 and the maximum account is $573 weekly.
If you just adopted a newborn child or you care for a newborn which made you stay away from work. You also have the ability for the EI benefits for self-employed. 40 or 69 is the maximum weeks which depends on the option you selected. Plus, $573 or $344 is awarded to you weekly depending on the selected choice.
People that couldn’t work due to one illness or the other also enjoy the special benefit. 15 for maximum weeks and $573 weekly maximum.
Others people that have the privilege for the EI benefits for small business includes “Family caregiver benefits for children, Family caregiver benefit for adults, and also compassionate care”.
Eligible Requirement to Apply for Self-Employment Insurance
On the contrary, the EI for self-employed 2020 comes with a requirement or eligibility in which one must possess in other to apply for the Self-employment insurance. Here are the following requirement to be eligible for the insurance benefit.
- You must be a Canadian citizen or have a resident permit.
- The registration requirement for the self-employed program should be at least 12 months.
- Also, you need to ensure that you have a decrease in the time you spend on your business.
- You also need to surpass the minimum earnings of applying for the self-employed amount.
For 2020, the amount you earned last month should be at least $7,279.
How to Apply for the EI Self-employed Program Application
There are two Employment Insurance application for the self-employed benefit which includes registering online and also paying for EI premiums. 12 months after the confirmation of your registration date, then you can have the ability to apply for special benefits.
However, you can visit the EI benefits for the self-employed registration page. Then go through the Employment Insurance login or create MSCA. Afterward, you can register for the self-employment program, submit your supporting document to the CRA and your special benefit will be available after 120 months.