Eic Worksheet B

Use either Eic Worksheets A or B (pages 29 and 30 respectively) in order to determine the tax payable on an EIC for the current year. This section of the Income Tax Regulations explains how the worksheets work and what you can do with them. Most of the information you need is available at the Canada Revenue Agency website. The worksheets may also be accessed from the individual income tax software package.

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You need to have the EIC worksheet A or worksheet B to calculate your EI. The two worksheets are different. EI Worksheets A is one that you use to file an EI claim. The Worksheets contain a column for the amount owed for that claim, a column for the tax year that you filed the claim, and a column for the total income earned by the taxpayer that includes tax withheld, EI premiums paid, and EI expenses incurred. If you choose to make adjustments to the amounts entered in the Worksheets, you will need to write the changes in the appropriate column on the Worksheets.

If you have EI worksheet B, you use it to calculate the income tax payable on an EI claim. The worksheet consists of an income amount on the left hand side, a total income amount on the right hand side, and a tax year number on the right hand side. If the taxpayer filed a tax year that ended in February, the tax year number is 2020. The tax year number shows how many months the taxpayer was entitled to receive benefits. The EI claims and the tax year numbers are used to calculate the total income earned by the taxpayer and the tax payable on the EI claim.

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You will find EI claim amounts on the left side of the worksheet and the tax payable on the right side. You can then adjust those amounts to make them match the total of the incomes and the totals that you have entered in the Tax Year column on the worksheet. You will need to write in the EI premium, EI premiums paid, and EI expenses incurred amounts in the amounts required to adjust the column so that they match the amounts on the worksheet. If you make any adjustments to the amounts, you must write the changes in the appropriate columns on the worksheet.

When using the worksheets, be sure to check and recheck your information. Do not assume that you know what the values are because they can change between the time when you prepare your income tax return and the time when you send your completed return to the Canada Revenue Agency. The worksheet should always be reviewed before you file your return and it should be followed precisely. Make sure you understand the information in the worksheet in the way it is supposed to be understood.

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You can’t include any information on the EI worksheet that might affect the balance sheet. That means that you cannot include EI premium payments in the gross income that you have online or deducted in your income tax return. Also, you cannot include any EI benefits received and claimed on line on the income tax return. You have to include the benefit amount in the gross income, but you have to leave the taxable part of the benefit out on the EI worksheet. If you find any errors in the EI worksheet, correct the errors or include the information in your income tax return so that the balance sheet reflects what it was supposed to reflect.

The EI benefits that you claim on the EI worksheet can be claimed in the same year as they are received or can be claimed as a deduction in future years. When you claim benefits, you must indicate the year of receipt of the benefit in either the Year of Receipt column or the Year of Claim column. The benefits that are not claimed can be claimed as a deduction in future years for the total of all the years that you have had them. The EI benefits and the year that they were received or claimed are an important detail on the worksheet and must be indicated in the columns.

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When you prepare your income tax return and you include any EI benefits that you received, you must also complete and sign the EI claims section in the Income Tax Return or in the case of a refund claim. This section requires that you list each year of receipt and any tax year number that relate to the year of receipt of the benefit that you claim on the worksheet. Your return is considered to be an accurate and complete if it includes the information that is required.