Before I delve into the current one, I thought I would share our income situation.
With Jordan's new job in BC, he got a bit of a raise. Of course income taxes, benefit deductions and the like are all different too. This has resulted in a larger than expected change to our net take home for him (woohoo) - a little more than $1,600/bi-weekly.
I'll be receiving my regular salary until I go on maternity leave in October - so we're banking a lot of that between now and then - but I will have benefits while on leave.
I plan on taking the full leave that I'm eligible for, which in Canada is 52 weeks. For 50 of those weeks, I will receive Employment Insurance.
In Canada, Employment Insurance benefits is 55% of your average insurable weekly insurance, up to a maximum. In 2015 that maximum is $49,500. So, because my annual salary is larger than the maximum, and I have contributed fully to EI, I will receive the maximum benefit amount of $524/week. Of course, there are income tax deductions on this. I've used the Canada Revenue Agency's Salary Calculator to determine that my benefit will work out to be about $440/week or $880 bi-weekly.
I should also mention that my employer provides a generous top up. They will top up, or supplement, my EI payment to 70% of my salary for 15 weeks. This is an awesome benefit to help you transition down to EI benefits.
I'll also be eligible to apply for the Canada Child Benefits which include:
- Canada Child Tax Benefit (CCTB)\
- Universal Child Care Benefit (UCCB)
- GST/HST credit, and
- Any other applicable provincial programs.
Phew! I think I'll save writing about those for another day.