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Termination Income Loss of office award from BC Empl. Act

#1 User is offline   uncleangus Icon

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Posted 20 March 2007 - 06:01 PM

I am a part time tax preparer and am not sure how to proceed with this income. It was received in 2007 for amounts owing from previous years and has had deductions taken from it. The employer closed down the business and gave no notice to the employee and therefore was required to pay severance. Part of the income is Salary and part is bonus. Should this wait till next tax year? I believe the amount may qualify for averaging but I'm not sure how to do that in Profile.
Thanks for any help you can give.
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#2 User is offline   David Blue Icon

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Posted 20 March 2007 - 06:10 PM

View Postuncleangus, on Mar 20 2007, 06:01 PM, said:

I am a part time tax preparer and am not sure how to proceed with this income. It was received in 2007 for amounts owing from previous years and has had deductions taken from it. The employer closed down the business and gave no notice to the employee and therefore was required to pay severance. Part of the income is Salary and part is bonus. Should this wait till next tax year? I believe the amount may qualify for averaging but I'm not sure how to do that in Profile.
Thanks for any help you can give.



You need to give more details: Was this income reported on a T4, T4A, For 2006
Was this income reported on a T4, T4a for 2007

If it was receved in 2007 then why are you worring about it now if you have not receved offical notification of this income via a T4, T4a.

Severence / years worked / allowable amout to RRSP

You need to give more information for an answer to be given.
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#3 Guest_snowplowguy_*

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Posted 20 March 2007 - 10:22 PM

View PostDavid Blue, on Mar 20 2007, 02:10 PM, said:

If it was receved in 2007 then why are you worring about it now if you have not receved offical notification of this income via a T4, T4a.


Good answer Dave......

Quoted a portion of your reply just in case uncle angus missed the very important 'when received' part of your post. :)
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