EI and stocks

pokergod

Member
Apr 15, 2007
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I;m on EI now. For the stocks I buy and sell during the week, do I have to declare it as income on my EI reports if I made money?
 
I believe they will look at year end income, if you make some one week, you may lose it the next. At the end of the year you should get a statement from your online broker saying whether you made money or not.

Since you can't be on EI for the whole year, I don't think they will go through every transaction to see what week you traded, although with CRA, you never know. If you make a profit you will have to pay tax on that. This is just my opinion.

You can call EI and CRA and ask them, they won't know who it is, I've done it many times for different queries, they don't mind answering anonymous questions, at least when I called them anyway. I'm sure this situation has come up before.

I believe it's considered other income.
 
You are obviously not a full time investor and as such it is not employment...........EI is employment income.........you are making investment income.........do not declare!!!!
 
I don't think it matters...when you file it does specifically ask about any other money you might be getting that week outside of a job.

It's tricky if you get caught, the smallest fine is just paying the EI money back, the heavier fine is having to pay back double.
 
lateforthegate said:
You are obviously not a full time investor and as such it is not employment...........EI is employment income.........you are making investment income.........do not declare!!!!

Wrong. Well, let me revise... Not necessarily right.

Timbit
 
You do not have to declare your investment income when you report bi-weekly.
However when you fill out your tax form you have to declare it.
There is a limit or clawback if your annual income exceeds $51,375 and you collected EI. They tax the incremental over the $51K at a very high rate (e.g something like 55%, then 75% if your over another level)

I am not 100% sure
a) which type of income they use the $51K test on, Total Taxable income or Employment income
b) there are some loopholes wrt the $51K test (ie have you collected the poggy in the last 10 years.)

Since your not working drop by the poggy palace / revenue Canada and ask.
That way you do not get an unexpect tax bill next April
 
I am on EI also and I get paid $150 extra just to spend time with an SP