Insurance Benefits for The Self-Employed
Posted On: 07/06/17 - 0

This is a voluntary benefits program for business owners. It offers insurance benefits for self-employed Canadians. But, there are regulations if a business owner applies and receives benefits under this program.  When a claim is made, the entrepreneur is now locked in as long as they are self-employed. 

Six Types of Insurance Benefits

The following is a break down of the different types of benefit packages and the maximum time to claim for that same benefit. The first being the maternity benefit which has a maximum of 15 weeks.  Next is a parental/adoptive benefit which has a full payout of 35 weeks. Thirdly, there is a sickness benefit which has a 15 week ceiling. There is also the compassionate care plan that offers 26 weeks. There is a plan for parents of critically ill children with a 35 week claim. Finally, there is a family caregiver option for adults with a 15 week maximum.

Accessing These Special Benefits

Eligibility for these benefits apply if you are self-employed.  You qualify if you are a citizen or permanent resident of Canada. You are entitled as a registered self employment program attendee for at least 12 months.  There is a requirement to voluntary opt into the program at least one year prior to claiming benefits. You must have decreased the amount of time you spend on your business by more than 40% for at least one week. And, if you have earned a minimum amount of self-employed earnings. Those earnings would be from the prior tax year, between January 1st and December 31st of the year before you apply for benefits.

How To Register

To access benefits, register to participate in the insurance benefits for the self-employed  program through “my service Canada account.” Entrepreneurs can opt out of the E.I. program at the end of a tax year, but this only applies if the business owner never claimed benefits. If a claim for benefits was made, an owner has to continue to contribute to the E.I. program for as long as the person is self-employed.

Call our office for more details on this topic, or any questions you have regarding your business bookkeeping, accounting and taxation needs.  Call Cheryl at 780-482-7297.

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297

cheryl@padgettnw.com