Self-employed
-
Here is a list of resources for the self-employed
- CFIB article on Employment Insurance for self-employed in an easy to reference manner
From an insurance advice perspective, consider this as short-term disability of sorts. Ask yourself the question – could I survive financially if disabled for four months? How about four years? Which do I have a better chance of coming out of okay?
The reason this question is important is because a premium is a premium, is a premium. You are buying insurance – whether from an insurance company of the government.
Priorities are the issue.
If you are entertaining the cost of short-term EI insurance, have you considered first the ravages of long-term disability? Don’t put the cart before the horse.
Once you start the EI program, you will not be allowed to get out of it.
It boils down to cost-benefit analysis. What is the likelihood of needing this coverage? What would be the chances of needing it again? And based on these factors, how much will I pay over the course of years for the given potential benefit?
The long and short answer is the government will ensure you (collectively) will pay more in than you will get from the system.
So, when you are deciding on this program, perhaps it is wise to call us for the bigger strategy.
And, incidentally, with more and more Canadians becoming self-employed, we are going to see more impositions of government whether it is WSIB mandatory for self-employed or EI programs. The days of tapping employers is getting tougher for the governments as more of us become self-employed.
It would be wise to firm up your long-term disability and other programs, in case the governments decide to force their versions of coverage on you!
- Self-employed health savings accounts (tax write-offs and cost-effectively paying for routine medical and dental)
- What about the WSIB issue for self-employed? The funding fiasco! Alternatives to WSIB – get them while you can!
