First, with regard to costs, the following aspect should be noted. Canada is below the average of industrialized countries with regard to the GDP-value-of-EI-benefit ratio. Canada has one of the lowest employer-employee contribution rates. The current rate is something like 1.73.
The current contribution rate is the lowest it has ever been in over 25 years, even when the federal government was contributing to the EI fund. Adopting a national standard of 360 hours to qualify for regular benefits would cost, according to TD Bank, some $1 billion per year. The Parliamentary Budget Officer estimates the cost at $1.14 billion. This would enable over 165,000 unemployed Canadians to receive regular benefits this year. This does not include new entrants.
If the 360-hour standard is broadened to include all categories of regular benefits, benefits for new entrants and special benefits, the number of eligible Canadians would double. Over 330,000 additional unemployed people would have access to the system. The amount of the benefits paid would be $2.3 billion. This means that roughly 20% more unemployed Canadians would be entitled to benefits.