Timeline for What Percentage of my Income do I Have to Pay in Employment Insurance (EI) Deductions?
Current License: CC BY-SA 3.0
8 events
| when toggle format | what | by | license | comment | |
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| Mar 26, 2015 at 15:23 | comment | added | Kelsey | Ah, that makes sense. Thank you, Chris, for all the valuable information! | |
| Mar 26, 2015 at 14:56 | comment | added | Chris W. Rea | You're welcome. If you were earning $50,000 annually, you would pay EI on the first $49,500, and none on the amount above. High income earners often see their EI deductions maxing out before year's end, and thus enjoy slightly higher paychecks until the new year. (A similar situation happens with CPP deductions.) | |
| Mar 26, 2015 at 14:40 | comment | added | Kelsey | Okay, thank you. You seem to have a lot of wisdom on the CRA! And just to clarify, if I were earning $50,000.00 annually, would I no longer be able to pay EI? | |
| Mar 26, 2015 at 12:41 | comment | added | Chris W. Rea | Worth noting: If you happen to have two or more jobs during a year (whether at the same time and/or one after the other), each employer must deduct EI until your $930.60 limit is attained separately for the job, but you can claim a refund of any amounts you paid over $930.60 combined when you file your income tax return. | |
| Mar 26, 2015 at 12:38 | comment | added | Chris W. Rea | Yes, ignoring the $0.002 you rounded off, that's correct. Then, once you have paid a total of $930.60 into EI during the year, you won't pay any more until the next year begins. Your employer will also pay additional EI premiums on your behalf (i.e. not deducted from your pay) that are 1.4 times what you pay in. | |
| Mar 26, 2015 at 5:43 | comment | added | Kelsey | Great answer - I found it very organized. However, I am still a little confused - for every $15.00 I make, will I have to pay $0.28 in EI (15 * 0.0188)? | |
| Mar 26, 2015 at 5:41 | vote | accept | Kelsey | ||
| Mar 26, 2015 at 0:28 | history | answered | Chris W. Rea | CC BY-SA 3.0 |