Maternity and parental benefits are a form of Employment Insurance (EI) that offer temporary assistance to unemployed workers who are pregnant, recently gave birth, or caring for a newborn or newly adopted child.
To qualify, you must have accumulated at least 600 hours of employment during the past year. You will be compensated during your leave, however your average weekly earnings are significantly reduced, around 40%.
Maternity and parental benefits fall under Employment Insurance so the same payment rates apply.
The basic benefits rate is 55% of your average earnings, up to a yearly maximum of $49,500, which works out to a maximum of $524 per week. Also remember your EI is taxable, so applicable taxes will be deducted.
If you receive EI maternity benefits or parental benefits, then you qualify for a Magical Credit cash loan! Check out our blog for tips on maternity and parental leave. If your maternity budget isn't cutting it, Magical offers short-term cash loans to get you through difficult times.
Magical Credit is a Toronto-based private loan company that specializes in providing cash loans to people who are receiving fixed government income, such as maternity and parental benefits. If you need a loan during your maternity or parental leave, fill out an application or call us at 1-877-213-2088 now!
Our loans are considered short-term loans and have up to a 6-60 month term with an interest rate ranging from 3.4%-20% per month.
Example: $1,500 borrowed for one year at 3.4% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.
NOTE: You can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.