[GNC] How to treat benefit payments from government?

[gn00b]

Adrien Monteleone-2 wrote
> Someone on the list from Canada (even better, a local CPA) should offer
> better advice, but the first question you probably want answered is, “Is
> this taxable next year?”
> 
> That will likely influence how you record it now.
> 
> Regards,
> Adrien
> 
>> On Apr 17, 2019, at 4:37 PM, gn00b <

> leo57yeung@

> > wrote:
>> 
>> When I file my 2019 personal income tax for income earned in 2018, the
>> government will send me a monthly cheque based on my 2018 income. What
>> should the credit side of the journal entry look like when I initially
>> record this? Should I be treating this as income? I know I should Debit
>> Benefit Receivable for the amount. When the government pays me, I know I
>> would Debit Bank, Credit Benefit Receivable.
>> 
>> If anyone is from Canada, this is referring to the Ontario Trillium
>> Benefit
>> and the GST/HST Credit.
>> 
> 
> 
> _______________________________________________
> gnucash-user mailing list

> gnucash-user@

> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> If you are using Nabble or Gmane, please see
> https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.

No, these payments are not taxable.



--
Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html