Employment Insurance MEGA THREAD

[03ozwhip]

Originally posted by Hero_X
Hey guys,

Has anyone looked at their EI t4 slip, for 2016 ??

I have a box on it that says "30% repayment".....

Not sure how this works. The slip also writes:

"Fill in this chart if the rate in box 7 is 30% and, on your return, the total of
lines 213 and 234 plus the amount of registered disability savings plan
(RDSP) income repayment included on line 232, minus the total of lines 117
and 125 is more than $63,500."

I don't understand what this means.. Can anyone explain?

if your net pay was 64xxx then you have yo pay back 30% of your EI income.

so if you got 10k from EI last year and you made 65k net, you have to pay back 3k to EI.

[argent]

Believe this is EI clawback provision that ask you to pay back 30% of your EI benefits received from the previous year on the amount that is ABOVE certain threshold.

Originally posted by 03ozwhip

if your net pay was 64xxx then you have yo pay back 30% of your EI income.

so if you got 10k from EI last year and you made 65k net, you have to pay back 3k to EI.

[Hero_X]

oh okay

yeah no i made no where near 60k

so i should be good.

whew.. thanks guys

[ExtraSlow]

so I'm pretty late doing my taxes this year, but fucks sakes, looks like even though EI was my only income in 2016, they didn't do sufficient source deduction and I'll be owing a few grand to them. That's crazy annoying.

I'm going to double check my tax return, but this isn't great news.

[ExtraSlow]

Yeah, it looks correct. Extremely annoying that the largest ever lump sump tax payment of my life will come after a year of living off EI and other government money exclusively. Maybe I should have been contirbuting to my RRSP??

Anyone else who was on EI for the full 2016 tax year have this issue? I probbaly should have been paying more attention to this, but have had other things on my mind, like making some fucking money.

[01RedDX]

.

[ExtraSlow]

Well, there isn't a dispute to be had really. A full year of the max EI benefit puts you well above the personal exemptions both provincially and federally, so you have a significant portion of that EI benefit that is subject to 15% federal and 10% provincial tax.

I guess I should have either been paying more attention to this, or maybe just cramming money into my RRSP like I used to do when I was getting paid full time.

[ExtraSlow]

Hmm, my ufile isn't taking into account my childcare expenses the way I think it should be. Maybe this will be getting better.

Right now, it seems to be totally disregarding all ym childcare expenses, which doesn't seem right.

[ExtraSlow]

Originally posted by ExtraSlow
Hmm, my ufile isn't taking into account my childcare expenses the way I think it should be. Maybe this will be getting better.

Right now, it seems to be totally disregarding all ym childcare expenses, which doesn't seem right.

Huh, turns out you can't claim childcare expenses against EI income. Who knew?

I'll be attempting to have CRA recognize me as requiring childcare for my self employment, but I suspect that doesn't help since I had no self employment income.

This sucks.

[Mostwanted]

Quick question guys, since this has always been on my mind, being a Part-time trader, If i get laid off my current FT job, can I still trade on top of my EI? I have only been trading for less than a year so i dont even know how taxes are applied to my wins and losses?

Is it counted just like if I did have a part time job where it is just deducted every two weeks off of my EI cheque?

[Xtrema]

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Quick question guys, since this has always been on my mind, being a Part-time trader, If i get laid off my current FT job, can I still trade on top of my EI? I have only been trading for less than a year so i dont even know how taxes are applied to my wins and losses?

Is it counted just like if I did have a part time job where it is just deducted every two weeks off of my EI cheque?

If you file as cap gain, you may have to do a repayment to EI if you income is over $64K for the year.

The question is how much you make and how frequent are your trades. Then it will come into the vague issue of business income vs cap gain. This will probably need a professional to answer.

http://www.advisor.ca/news/industry-...-income-119954

To this end, the judge turned to Wong’s trading summaries for the five-year period under review, which showed he conducted more than 600 transactions.

The trades involved the purchase of more than 226,000 shares and the sale of more than 216,000 shares. The statements also showed Wong held most of the securities for a short period of time. Some were sold a few days after purchase, others the same day.

That's average of 1 trade every 3 days and average of 740 shares per trade and CRA fuck him over saying that ain't cap gain.

[Mostwanted]

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If you file as cap gain, you may have to do a repayment to EI if you income is over $64K for the year.

The question is how much you make and how frequent are your trades. Then it will come into the vague issue of business income vs cap gain. This will probably need a professional to answer.

http://www.advisor.ca/news/industry-...-income-119954


That's average of 1 trade every 3 days and average of 740 shares per trade and CRA fuck him over saying that ain't cap gain.

Thanks for the reply. Last time i went on EI I was working a PT job and whatever i earned i had to deduct it to what i got paid by EI. Then i got a Job which paid 89k per year but didn't have to pay for anything at the end of the year, which made me confused.

Im not that frequent of a trader since I do it on the side but if i do get laid off I imagine having more free time to Trade all day if id like but as a P/T im generally making 80-250 average per day on a good day. I think I have to Contact my Bank or EI service for this since i think they will have much more information.

[Xtrema]

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Thanks for the reply. Last time i went on EI I was working a PT job and whatever i earned i had to deduct it to what i got paid by EI. Then i got a Job which paid 89k per year but didn't have to pay for anything at the end of the year, which made me confused.

Im not that frequent of a trader since I do it on the side but if i do get laid off I imagine having more free time to Trade all day if id like but as a P/T im generally making 80-250 average per day on a good day. I think I have to Contact my Bank or EI service for this since i think they will have much more information.

No repayment needed if you have not collected any EI in the previous 10 years.

[ExtraSlow]

Hey if anyone was wondering the "regional unemployment rate" for Calgary becaues of how it effects the number of hours required to qualify as well as the number of weeks you might qualify for, I looked it up for you. It's been on my mind because I've been working a bit this year, so I'll be borderline for qualifying when this contract finally ends.

Right now in Calgary, you need 630 "insurable hours". This changes every couple of weeks but it turns out they have a website for this.
http://srv129.services.gc.ca/rbin/eng/rates_cur.aspx

Pics of current page blow.

[lasimmon]

As today is my last day at my job, should I apply for EI as soon as possible even if:

A) I have a long time to wait for severence to be paid out (as in don't you have to wait till your severence is "done" prior to claiming EI?)

B) I might get a job fairly quickly?

Thanks.

[firebane]

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As today is my last day at my job, should I apply for EI as soon as possible even if:

A) I have a long time to wait for severence to be paid out (as in don't you have to wait till your severence is "done" prior to claiming EI?)

B) I might get a job fairly quickly?

Thanks.

Apply immediately.. The severance part sucks but do it anyways.

Don't assume you will find work fast.

[ExtraSlow]

Apply immediately, not after your severance runs out.

[Tik-Tok]

WTH does "Minimum Number of Week Payable" mean? Isn't the number of weeks until you find a job the minumum? Like if I'm laid off, but find a job 6 weeks later, do they still pay you EI for another 11 weeks?

[firebane]

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WTH does "Minimum Number of Week Payable" mean? Isn't the number of weeks until you find a job the minumum? Like if I'm laid off, but find a job 6 weeks later, do they still pay you EI for another 11 weeks?

Its literally the least amount you can be paid for based off your hours. EI is all about hours you worked. I received the max for my claim due to having the proper amount.

Also the second you claim you found a job or claimed money your EI goes on a hiatus.

[flipstah]

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As today is my last day at my job, should I apply for EI as soon as possible even if:

A) I have a long time to wait for severence to be paid out (as in don't you have to wait till your severence is "done" prior to claiming EI?)

B) I might get a job fairly quickly?

Thanks.

Everyone said it already but apply ASAP. Just so you don't have to wait to get paid if you haven't found a job after your severance runs out.

If you find a job quickly, nothing really happens. So no harm, no foul.