Ei income....received it in 2008

[Udella&Wiz 325]

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.....

[Flames9_RN 358]

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

[trailmix 77]

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

[Flames9_RN 358]

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

[Allie 5]

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.....

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

[Udella&Wiz 325]

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

[Flames9_RN 358]

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

[Lance27 19]

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.

[trailmix 77]

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.

[Flames9_RN 358]

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

[trailmix 77]

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.

Edited January 27, 2008 by trailmix

[Flames9_RN 358]

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

[trailmix 77]

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

[Allie 5]

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.

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

[trailmix 77]

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.

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.

Edited January 27, 2008 by trailmix