EI fishing benefits
Highlights
This program is designed for self-employed fishers like you. It offers financial support through Employment Insurance (EI) fishing benefits. These benefits are based on your earnings, not the hours you work, making it easier for you to qualify.
What You Get
- Regular fishing benefits to support you while you seek work
- Additional benefits for sickness, maternity, parental, compassionate care, and family caregiving
Why Apply?
- Financial stability during off-seasons or when work is scarce
- Flexible qualification criteria based on earnings
- Government-backed support, ensuring reliability and security
Applying for this program can provide you with the financial cushion you need to focus on your business and family. It's straightforward to qualify, and the benefits can make a significant difference in your financial well-being.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed at 4% per annum.
Eligible Expenses:
- Purchase of new equipment.
- Leasehold improvements.
- Working capital for business operations.
- Intangible assets such as patents and trademarks.
Ineligible Expenses:
- Personal expenses.
- Real estate purchases.
- Refinancing existing debts.
Fees:
- Application Fee: $150, non-refundable.
- Annual Administration Fee: 1% of the outstanding loan balance.
- Late Payment Fee: $25 for each late payment.
Qualifications
- Must be a self-employed person engaged in fishing.
- Eligibility is based on earnings, not insurable hours of employment.
Must be actively seeking work.
Disqualifications:
- Not applicable (no specific disqualifications mentioned).
Description
This program offers your business a chance to receive up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexible repayment options are available. If you've made qualifying purchases in the past 365 days, you can include them in this loan.
You have up to 15 years to pay back the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. You will need:
- Proof of self-employment as a fisher (e.g., licenses, permits)
- Records of fishing earnings (e.g., sales receipts, invoices)
- Personal identification (e.g., passport, driver’s license)
- Banking information for direct deposit
Complete the Application Form: Fill out the Employment Insurance (EI) fishing benefits application form. Ensure all sections are completed accurately.
Submit Your Application: Submit the completed application form and all required documentation to Service Canada. You can do this online through the Service Canada website or in person at a Service Canada Centre.
Track Your Application: After submission, monitor the status of your application. You can do this by logging into your My Service Canada Account (MSCA) online.
Respond to Any Follow-Up Requests: If Service Canada requests additional information or documentation, provide it promptly to avoid delays in processing your application.
Receive Confirmation: Once your application is processed, you will receive confirmation of your benefits, including the amount and payment schedule.
Report Earnings and Changes: While receiving benefits, report any earnings or changes in your situation to Service Canada as required. This ensures your benefits remain accurate and up-to-date.