[GNC] How to treat benefit payments from government?

[R. Victor Klassen]

I generally treat such payments as income, but as its own account.  It isn’t taxable, or reportable, so if you care (i.e. if you are going to use your GnuCash data in filling in your income taxes, rather than, say downloading your T-slips), you want it segregated from other income.  Then I can do an Income Statement that does or does not include that account.  If I want to take it to the bank - to convince them I am worth lending some money to, I’d want to include it, as it increases my income.  Also it’s more complete for my own use.  


> On Apr 17, 2019, at 5:37 PM, gn00b <leo57yeung at hotmail.com> 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.
> 
> 
> 
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