The Canada Employment insurance commission is made by the department employment and social development of Canada Who present the summary of actuarial report of 2024 on the employment insurance premium rate. A temporary financial support is provided under the Canada EI to all those unemployed workers who are upgrading their skills or looking for employment. A special benefit is also provided by the Canada EI Programme to all those workers who took time off work because of any specific life event such as illness, pregnancy for the caring of newborn child, injured person or for the care of family members. In this article we will discuss complete details about Canada EI Maximum 2024, Federal EI premium Rates and Maximums, Quebec EI Premium Rates and Maximums, Eligibility for Canada EI 2024, Situation where you are not eligible for Canada EI 2024 and How to calculate Weekly Canada EI Benefit Amount 2024.
Canada EI Maximum 2024
The government of Canada has launched a program named Canada EI in which a short term financial support is provided by the CEIC to all those people who lost their job due to which they are unemployed. The Canada EI Benefit 2024 will be given by the commission to all those candidates who paid a premium amount in the past year to be the beneficiary of this program. The Canada EI Benefits 2024 can be provided by the organization from 14 weeks to 45 weeks which can vary due to the unemployment rate which can be different as per the region. The Canada EI provides financial support to all the Canadians who are looking for a new job or upgrading their skills. The CRA provides the maximum insurable earning and a rate which is used by the employer to calculate the amount of EI premium which will be deducted by the employer from the employee’s remuneration or salary every year.
Federal Employment Insurance Premium Rates and Maximums
| Year | Maximum yearly insurable earning | Rate in Percentage | Maximum Yearly Employee Premium | Maximum Yearly Employer Premium |
| 2024 | $63200 | 1.66% | $1049.12 | $1468.77 |
| 2023 | $61500 | 1.63% | $1002.45 | $1403.43 |
| 2022 | $60300 | 1058% | $952.74 | $1333.84 |
| 2021 | $56300 | 1.58% | $889.54 | $1245.36 |
| 2020 | $54200 | 1.58% | $856.36 | $1198.90 |
| 2019 | $53100 | 1.62% | $860.22 | $1204.31 |
Quebec EI Premium Rates and Maximums
| Year | Maximum yearly insurable earning | Rate in Percentage | Maximum Yearly Employee Premium | Maximum Yearly Employer Premium |
| 2024 | $63200 | 1.32% | $834.24 | $1167.94 |
| 2023 | $61500 | 1.27% | $781.05 | $1093.47 |
| 2022 | $60300 | 1.20% | $723.60 | $1013.04 |
| 2021 | $56300 | 1.18% | $664.34 | $930.08 |
| 2020 | $54200 | 1.20% | $650.4040 | $910.56 |
| 2019 | $53100 | 1.25% | $663.75 | $929.25 |
Eligibility for Canada Employment Insurance 2024
- You were appointed in insurable employment.
- There is not your fault behind losing your job (Affected because of wildfire or flood).
- You lived without work and payment from 7 consecutive days or more in past 52 weeks.
- In the past 52 weeks or since the last date of claim of your EI whichever is less you worked for the desirable number of insured employment hours.
- Are capable, ready, and willing to work each day.
- You must keep your record maintained by mentioning the record of employers you contact along with the date on which you contacted them to prove that you are actively looking for a job.
- You have to complete two weeks of internet and telephone reports to prove your Eligibility for Canada EI 2024 and to get the payment you deserve. If you are unable to do so you will be responsible For the loss of Canada EI Benefit 2024.
Situation where you are not eligible for Canada EI 2024
- If you left your job without any valid reason.
- You was dismissed due to your misbehave.
- You took part in the labor dispute due to which you are unemployed.
- You did not corporate the employer in covid 19 vaccination.
- If You are in jail.
How To Calculate Weekly CA EI Benefit Amount
- First of all we use the total number of best weeks (the week you earned most money including Commission + insurable tip) according to your report or employer report.
- We consider the number of best week that matches your regional rate of unemployment
- After it, you have to divide the total insurable earning for your best weeks by your required number of best weeks.
- Now multiply it with the 55% and get the weekly Canada EI Benefit Amount 2024.
Calculation:-
- Total insurable earning for your best weeks
- Divide by required number of best weeks
- X 55%
- = Weekly EI benefit Amount (Maximum $668)
FAQs on Canada EI Maximum 2024
$63200 is the Maximum yearly insurable earning of Canada For the year of 2024.
The Federal EI premium Rates 2024 is 1.66%.
The employee will pay the maximum premium amount of $1049.12 per year in Canada Employment Insurance Benefit 2024.
The employer will pay the maximum premium amount of $1468.77 per year in Canada EI Benefit 2024.
You can get all the information about Canada EI 2024 from canada.ca website.