What is Self Employed

Wikipedia refers to self-employment as the act of working for one's self. Self-employed people can also be referred to as people who work for themselves instead of employers. They draw income from a trade or business that they operate personally. Many self-employed people conduct day-to-day operations of the business, either as managers, line workers or both.

This article discusses options for self-employment in Canada, the Self Employed Persons Program and the concept of Employment Insurance Special Benefits for Self-Employed People.

What are Options for Self-Employment in Canada?

Canada Careers.com states that small business owners often take on all roles in an organization such as accounting or marketing. Many Canadians have started their own businesses. Although most small business owners agree that it requires abundant planning, determination and endless energy, the self employed and small business owners believe these ventures are profitable. In a recent national survey conducted for the Canadian Federation of Independent Business, 92 percent of small business owners said they were satisfied with their self-employed status.
Entrepreneurs like the freedom of managing their own enterprise. However, careful planning is imperative before launching any business undertaking. Canada Careers.com says the questions to ask are the following: Are you independent, confident, optimistic, willing to take calculated risks, patient, innovative, a decision maker, self-motivated, a good organizer, adaptable and goal oriented?

What is the Self-Employed Persons Program?

The Self-Employed Persons Program is intended to attract applicants who intend and are able to become self-employed in Canada. Self-employed persons must have the following traits:
They should have relevant experience that will make significant contributions to the Canadian nation.
They must have experience in farm management together with the intention and ability to purchase and manage a farm in Canada.
There are two permanent resident application processes for self-employed persons. You must use the regular process if you have been selected by Quebec. The second is that you have been lawfully admitted to Canada or the United States for a period of at least one year. You are required to submit your application to the Canadian visa office in Buffalo.
You must use the simplified process if none of the above applies to you. There are two options:
• regular application process
• simplified application process
Quebec has its own business immigration program for people who plan to live there. For more information, visit the Quebec immigration website.

What are the Employment Insurance Special Benefits for Self-Employed People?

Self-employed Canadians can have access to the Employment Insurance (EI) special benefits. There are four types of EI special benefits:
• maternity benefits
• parental benefits
• sickness benefits
• compassionate care benefits
If you are currently a self-employed person in Quebec, you are already entitled to apply for maternity, paternity, and parental benefits through the Quebec Parental Insurance Plan. If you choose to participate in the EI Program, you will be eligible to apply for EI sickness and compassionate care benefits.
On behalf of the Federal Government of Canada, Service Canada offers EI special benefits to self-employed people. As with any important contractual document, make sure that you read through the information provided about this new EI benefits offering before registering and accepting all the terms and conditions.
• Calculation of premiums
• Amount of weekly benefits
• Cancelling your participation
• Helpful program definitions
• Frequently asked questions
• EI Special Benefits for Self-Employed People Booklet

Study your Options

Canadians have the options of becoming full-time employees or seeking self-employed status. As responsible citizens, you should be able to determine what category is right for you. You also have to find out which will be more rewarding in terms of financial compensation and benefits.

References

wikipedia.org
canadiancareers.co
cic.gc.ca
servicecanada.gc.ca