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  1. #1
    Expert Forum User The Ultimate London Mom!
    Ingalls's Avatar
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    Question Question about rental property and whose income that is.

    On our mortgages, it has just dh's name.
    The checks from our tenants, say my name.
    I cash them in our joint bank account.
    DH is laid off. He's applied for EI, though we're still paying them back from a time three years ago he used EI for four or six months (argh) but anyway - did he have to claim that rent check as his income with EI, or is that my income, because it's in my name?
    He claimed it but I said I wasn't sure he had to, since it's in my name, I deal with them, I arrange the house repairs etc.

    Opinions, knowledge, advice?
    DD1 age 7 DS age 11
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    I'm no EI expert ... but according to EI's legislation only rental income from a "business" would reduce the EI amounts. If you're not operating your rental property as a "business" (you don't claim it as business income on your income tax return but instead claim it as rental income) then the rental property is considered an investment and investment income doesn't reduce your weekly payments. The only way you'll / he'll repay is if his total income for the year exceeds the threshold (which sounds like what happened a few years back).

    You mentioned he's the only one on the mortgage - is he the only one on the deed or are you joint tenants? Do you own any portion of the house in your name? For tax purposes, it doesn't really matter whose name the cheques are made out to -- it's the person(s) who own the house that needs to claim the income for income tax and I'd strongly suspect (based on the way the legislation is written) it's the same for EI.

  3. #3
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    No expert here either, but whom claims the money as income on their income taxes??? I am thinking whomever claims it as income should claim it now. If you claim it, then do not worry about it, if he claims it, contact EI and get an exact answer

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