You can apply for the ‘Employment Insurance’ when you are laid-off provided you are eligible for it. You can claim EI benefits from 14 to 50 weeks. EI payments are taxable income, meaning federal and provincial or territorial taxes, where applicable, are deducted when you receive them. The amount of EI benefits and the withholding tax rate primarily depends on the following factors:
- Unemployment Rate in the region
- Insurable hours accumulated in the last 52 weeks
- What reason is mentioned in ROE
- And depends if EI deductions have been regularly submitted to the CRA
You cannot know exactly how much EI benefits you will receive until Service Canada processes your request. Remember, you can be asked to repay EI benefits if your annual income in 2021 exceeds $70,375.
What You Need Before You Start?
To complete the online EI application for EI regular benefits, you will need the following personal information:
- Social Insurance Number (SIN)
- Last Name
- Mailing and Residential Addresses, including the postal codes
- Complete banking information to sign up for the direct deposit, including:
- Financial Institution Name
- Bank Branch Number
- Account Number
- Names, Addresses, Dates of Employment, and reason for separation for all your employers over the last 52 weeks
This information will be used, along with your record(s) of employment, to calculate your benefit rate. When you apply for EI benefits, be sure to sign up for a direct deposit to get your payments as quickly as possible. When you use direct deposit, your EI payments are deposited automatically into your bank account 2 business days after we process your EI report. For more details, you can visit GTA Accounting and consult the experts for queries.