Seems like a lame question, but some of the weeks I've been paid for are back in December, although deposited into the bank during January.

Think I know the answer, but just to be sure.....

I do believe u will get an income tax slip from Revenue Canada!

You will get a T4E - it will be for 2008 though

If EI paid her for 2007, she will get one for 2007. and any payment for 2008, she will get 1 for 2008

It'll go in as income earned in 2007. They go by the weeks it was paid for not when received

Al right - so i'm waiting for EI's slip as well, before I file 2007's taxes. Obviously I haven't gottrn my T4 or my investment slips yet anyway


Thanks...folks

I do belive u can get the T4E online and download it!!

Yes

Go to the Service Canada website and log in and there is a link to printing the T4E slips online. I believe it should be available Jan 28 or later.

Hmm, well I could be wrong, but my understanding of Canadian taxation is that the money is claimed in the year it is paid, not the year it was earned or in this case 'nominated' for.

Is EI completely different than all other income? If so, I wasn't aware of it.

For instance say your employer holds back 2 weeks pay, as a matter of course (so you are always 2 weeks behind). Therefore when you get paid on January 15th, he is really paying you for work-time from December 15th-31st.

For tax purposes that becomes 2008 income as it lands in your bank account (or he hands you the cheque) in 2008.

I have no clue, but they will find out when/if she gets a t4E, or a phone call into EI

I hear you Scott, you are saying paid in 07 earned in 07 (if she did get any payment in 07), I thought that Udella&Wiz was actually questioning the deemed for 07 paid in 08 EI benefits.

Anyway - the answer is here: link

I began my EI claim in December 2007, but I did not receive a T4E. Why?

EI benefits are taxable in the taxation year in which they are paid. For example, if your EI claim began on December 23, 2007, but your payment was issued on or after January 1st, 2008, it is considered income for 2008.

I wasn't saying anything, as i didnt know the answer. lol i was just stating if/when she gets her T4E, it would state it on there, so there would be no confusion at tax time. Good job at finding the info trailmix

Ok maybe I read too much in to your reply

Her EI payments she's referring to were issued in Dec of 2007. She didn't get em in her bank till 2008 so therefore the income is classed as money earned in 2007 as it was recoreded as beiing paid by EI in Dec. Any and all payments issued now after Dec 31 will be classed as earnings for 2008. She'll receive another T4 E next yr for the money they paid out on that claim in 2008.
I have had EI claims in split yrs before and that's how it always went unless they changed it

No not really. The money was deposited in to her account in 2008, therefore it will counted as 2008 income.

That is really the basis of the Canadian taxation system, in terms of non business income - otherwise employers would be issuing T4's calculating how much everyone 'really' earned until midnight December 31st, not based on what they actually physically paid to you up until then.

Im sure when she calls,or gets her T4E form, she will know for sure, lol

Although it went into the bank in Jan 2008.The cards would be for the 2 weeks in Dec therefore would be the same as income for 2007.
It would be like if your 2 week waiting period was the last 2 weeks in Dec and you worked in one of those weeks but didn't receive the payment till 2 weeks later. They don't consider the earnings made when you get paid they record it for the week you worked

I guess we will just have to agree to disagree