Can you get EI benefits even if you have a pension?
With a $4,000/month pension, this reader shouldn't expect to receive EI. Here's why
How much money should I have saved by age 40?
Sponsored By
CIBC
(Shutterstock)
Q: I would like to know if qualify for employment insurance benefits (EI). I will be completing a salary continuation at the end of this month as the bank I worked at gave me a package. I lost my job through no fault of my own. I will be getting a company pension of approximately $4,000 per month commencing June 1. I will also be leaving the country for three months for a planned vacation. Can I apply for EI when I get back? Would I get EI given my monthly pension? I’d appreciate your advice.
—Donna
A: Donna, this is a question that comes up frequently. Employer pensions generally constitute “earnings” that will reduce your entitlement to EI benefits and must be reported to Service Canada. These types of earnings are deducted from your EI benefits.
While you are able to apply for EI (if able to work and looking for employment), most/or all of the EI benefit would be deducted due to the reported pension income you receive. You could delay receiving your pension but you would then only receive up to a maximum EI benefit of $547 weekly.
It appears unlikely that you would receive EI at the same time as your pension benefit but be sure to confirm this with Service Canada.
Janet Gray, Ottawa-based fee-for-service financial planner and money coach
MORE FROM A MONEY COACH:
- How to roll over money from an RRSP to an RDSP?
- Should I cash my RRSP to pay off my mortgage?
- How life insurance can protect from debt risks
- How to get the pension income tax credit
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
Year-end tax-saving tips for Canadians for 2024
Tax planning in Canada isn’t just for March and April. These smart tax moves need to be made before...
What are the tax implications if you resell Taylor Swift tickets?
Allison resold her Eras Tour tickets instead of going to the concert. The resale website asked for her SIN,...
Should you take extra RRIF withdrawals to increase your estate?
Contrary to the conventional advice, taking more than the minimum RRIF withdrawal can at times save tax on your...
How to plan for retirement when you have no pension
Practical advice on how to build your retirement savings for employees at mid-career, the self-employed, single parents and more.
OAS payment dates in 2024 and 2025, and more to know about Old Age Security
Here’s how Canada’s Old Age Security pension works, who’s eligible for OAS, when you can start receiving OAS, and...
CPP payment dates in 2024 and 2025, and more to know about the Canada Pension Plan
Here’s how Canada’s retirement pension plan works, who’s eligible for CPP, when you can start receiving CPP, and CPP...
What is Sun Life’s new decumulation product?
While not guaranteed like an annuity, MyRetirementIncome is a flexible and simple financial product for those needing to convert...
Should you invest an inheritance in an RRSP or a TFSA?
A Certified Financial Planner provides perspective on the TFSA vs. RRSP question for a couple in their late 50s...
How to plan for taxes in retirement in Canada
In retirement, some income is not subject to withholding tax, and you may potentially owe tax after filing each...
I retired from the military in 2008, and I receive a monthly pension. I have worked everyday since then and paid into the system as to be able to afford my home and such. Now If being laid off or the company closes, am i not entitled to receive EI and still keep my military pension.
I receive a small pension from Ford motor Company $180 per month address got laid off my job for a few weeks will I be able to draw unemployment Michigan unemployment
I am in receipt of registered pension, CPP benefits and old age. Also, working part time at a regular job. Could I ask my employer not to deduct ui premiums from my paycheck. Getting a
UI exemption status makes sense, due to the fact that the pensions income would be deducted from any ui benefit I could get. I am in my mid 70s.
I receive QPP and OAS pensions but still work part time. Am I eligible to receive ei benefits because of Covid-19?
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
I am on pension and working, as my employer deduct all the applicable money from my pay do I qualify for EI
I’ve been laid off and at the sametime received a union package from previous employer. I have til June 12 to fill out the forms for my union pension. In the meantime do I apply for E.I. or should I just invest half my pension and pull out the remaining? Or do I apply for E.I. for 3 months? And then figure out what to do with my pension. I’m allowed a lump sum of 46000 right away or if I want it on a monthly basis I have to wait til 2031 at 510.00 a month for 10 years. Can somebody help advise me in what to do. Thanks
Pension income is exempt once you have re-qualified for regular benefits and been denied benefits on initial claim
because you claimed pension income as employment income. I learned this from personal experience.
Does EI withhold cop pension 100% of the pension amount?
Hi I have a ??? if you are over 65 and decide to retire are you intitled to any EI before you were aloud to claim 6 Weeks But things have Changed
Hi
I receive CPP and OAS plus my teachers pension I work 8 months of the year as a partial load teacher and pay employment insurance. Because of Covid-19 i will not be working this fall as the college has cut back programs. Can i claim employment insurance
Response from the MoneySense editorial team:
Hi John, thanks for the question.
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected],
where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
I retired from the Military in June 2010 and I’m receiving a Military Pension, I am also getting my CPP and OAS but I have been working part-time for the last 9 years and paid into the EI program. My question is, can I claim EI if I decide to stop working, lets say “just because”.
Thank you in advance for your reply.
Response from the MoneySense editorial team:
Hi Denis, thanks for reaching out.
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
My position will be abolished in June which st that time my yearly earnings will be 48000 from my employer in addition to rente du Québec at 1292 per month.. am I entitled to uic
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
Good afternoon,iam currently getting a pension from,my former work place,iam 56 years old,I retired in May of 2019, I went beck to work in November 2019, to get a bit more income,but I got laid off last month,after working 16 hours per week,since November 2019, would I be entitled to EI,if I applied
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
I had a Dr. note to be off work due to pain in my back, hip, and legs. Since I’ve been off for two weeks I noticed these last 2 days I have nearly no pain at all which makes me believe that this work was causing my pain. I m 71 yrs.old and collecting my OAP. I was working three 5hr. shifts a week to make ends meet. Now I think it is time to retire. Can I collect EI or will I get a supplement on my pension if I decide not to go back to work?
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
Good Day
I have a question can I deduct EI from employees that are on old age pensioners,
I’m confused can I collect CCP an EI the same time an will the pension be deducted from the EI
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
Hi there,
I’m currently laid off to Covid and my husband passed away recently, are survivor pensions classed as income when reporting to EI
Regards
Jane
I collect a survivors pension monthly. Will my ei be affected?
We appreciate the question and we invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
I am 3 months away from turning 65 and collecting my CPP and OAP. My question is if I collect Covid relief ( needed to isolate) payment through EI will this delay my CPP or OAP
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
I am 71 and working, I will be laid off in July 2021. Will I receive ei. Although I am receiving cpp
Reply
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
Can you draw EI when laid off from a seasonal job while drawing a pension
Hello my question is I am retired and receive a pension from my job
I started back to work with a seasonal job worked for 6 months while still receiving my pension can I claim e i from my seasonal job ?
I AM GETTING A PAY OUT AT WORKAND AND ENDS AT END OF SEPT. I AM 66 YRS OLD AND COLLECTING A PENSION. CAN I STILL PUT IN FOR E. I.
I am retiring from a large company and been told it could take four to six months before I get my first cheque. I am wondering if I am entitled to unemployment since I paid into it all these years till I receive my first company pension cheque. Don’t know why it take four months to send out a cheque, but should be retro active from your last day of work you would think
I worked at this company for 3 years, I am 66 but did not start CPP yet. I have a suspicion that layoffs are planned for next year. If I start CPP now, and enough time elapses till the layoff to requalify for UI based on time after CPP started, will my CPP reduce the UI?
If am on employment benefits EI will it’s affect my pension in future years please I want to know thanks.
How do I put in my reporting that I get CPP.
I’m on UEI I’m at a loss of how to put in the I get this amount from cpp can you help me please
I started collecting pensions and have requalified for ei I belive this does not affect my claim?