Lowering the EI Premium Rate in 2017

by in Taxes Accounting and Industry News
Lowering the EI Premium Rate in 2017

Lowering the EI Premium Rate in 2017

on the 2015 Budget website.

Self-employed persons who opt into the Employment Insurance program will pay the employee rate, and are eligible only for special benefits.  The annual self-employment income required to qualify for special benefits will increase to $6,222 on January 1, 2012, up from $6,000.  See our article on employment insurance for the self-employed.

Not Everyone Pays EI

EI premiums are not payable in some employment situations.  See our article Who has to pay EI premiums?

Historical EI Premium Rates

Premium rates for earlier years can be found on the Canada Revenue Agency (CRA) web page EI premium rates and maximums.

EI Clawback

For more information on the EI clawback, see our article EI benefit repayment (EI clawback).

EI Premium Tables for Payroll Deductions

For EI premium tables for calculating payroll deductions, see the CRA publication T4032 Payroll Deduction Tables.  See the Government of Canada web  page Annual Reports on the EI Premium Rate and Maximum Insurable Earnings for more information on how the rates and insurable earnings levels are calculated.

Example: Employment Insurance Premiums—Additional Relief for Families

Damien and Taylor live in Winnipeg, Manitoba and are married. They each earn $50,000, for a combined household income of $100,000. At a rate of $1.88 per $100 of insurable earnings in 2015 and 2016, Damien and Taylor will each pay $931 in Employment Insurance (EI) premiums in those years. At an estimated rate of $1.49 in 2017, Damien and Taylor will see their EI premiums drop to $738 each, resulting in a combined savings of $386 that will stay in their family's pocket.

Source: TaxTips.ca

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