A Money Coach in Canada

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Mom’s in town so gotta be brief, but here’s a jaw-dropper for you that I found thanks to Growth in Value‘s blog:

The Employment Insurance Fund has a $54 BILLION surplus.

Uh, shouldn’t one of two things be happening:

1. Our premiums plummet
or

2. Programs designed to help people find work or figure out a good career for themselves get reinstated?

READERS: why do you think we put up with this? Why aren’t we kickin’ up a fuss?

About the Author


Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com

7 Comments

  1. Traciatim

    The EI surplus is only high because the participation rate is moving up and the unemployment rate is low. Just wait until the inflation numbers next year come in like they should since they won’t be effected by the GST cuts anymore and the Bank of Canada is increasing rates which makes people lose homes and unemployment will go up some more. Then suddenly the surplus will evaporate.

    [Reply]

    May 14, 2008
  2. Good Post. I had no idea. Well, if they are saving up that surplus for a rainy day, I hope they are investing it wisely in the mean time.

    [Reply]

    May 14, 2008
  3. Because we just keep paying. I in fact will end up paying DOUBLE the EI premium this year, because I changed companies and they started re-deducting this year’s premiums.

    Maybe someone should raise a stink and write some article about this… whoops, that’s supposed to be me right?
    –C8j

    [Reply]

    May 14, 2008
  4. Traciatim

    BCM, You’ll get it all back when you do your taxes for 2008 though, so it will all work out in the end. It’s not like it’s just money down the tube. Now I know you won’t be able to invest it or put it in a savings account or anything, but it’s not like you area actually paying double the maximum premium.

    If you live in a situation where you owe some of your taxes at year end it may actually work out in your favour by reducing the amount owed as well.

    [Reply]

    May 14, 2008
  5. triciatim, the surplus has been around for a LONG time. i don’t think next year’s inflation numbers are going to make a big dent at all.

    it’s curious how nobody seems to find this a very sexy political story. it gets raised once in a while, everyone says, “uh, yeah, um …” and then it gets sweeped under some silly little scandalous rug again.

    in the meantime, programs get cut. last year, the only EI program for artists in british columbia got axed.

    [Reply]

    May 16, 2008
  6. I had NO idea the surplus was that huge. WOW!

    [Reply]

    May 18, 2008
  7. Nine

    The following is an exact quote from the NDP website: April 2 2008;”While the Conservatives legalize the theft of $57 billion from the Employment Insurance fund and wash their hands of their responsibility by creating a Crown corporation to manage workers’ money, the Liberals continue to support them. It’s disgraceful.”
    And the scuttle butt which I can not confirm – yet – is EI is going provincial in the next year or two, which means WE, the workers, (and remember people – this is money you and I pay into a manditory insurance plan every day we work!) will never know where this surplus has gone.
    By the way – EI on your income tax return is a credit… you do not get the “money” back, you get a % of a reduction off your already payed taxes. Think about the interest the Fed.s get to play with off your tax dollars, never mind your tax base.

    [Reply]

    May 19, 2008

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