Personal Finance

vacation pay and EI Benefits

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  • Jul 8th, 2009 9:55 am
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Newbie
Jan 20, 2007
34 posts
Saskatoon,Saskatchew…

vacation pay and EI Benefits

so I just got back from trade school just over a month ago. Now I do collect EI and I have to spend my own money as well.It is all in a different city

Now I just found out I am going back to school in October and have a few more expenses this time. So since I don't have that much time to save up I was gonna ask for my banked vacation pay just before I go to school. Talking to some co-workers they say when I get the question will I receive any other income I have to say yes. I always thought this was during school time.

so is there a time I can safely take that money and not have to claim it?
5 replies
Deal Expert
User avatar
Jan 27, 2006
19791 posts
3421 upvotes
Woodbridge
Two I do not **** around with are...

Government and Police. LOL

I'm sure they will find out.
"I'll put up color bars before I'll put you in front of our cameras."

- MacKenzie
THE NEWSROOM (HBO)
Deal Addict
User avatar
Apr 4, 2002
2340 posts
26 upvotes
intertan wrote: so I just got back from trade school just over a month ago. Now I do collect EI and I have to spend my own money as well.It is all in a different city

Now I just found out I am going back to school in October and have a few more expenses this time. So since I don't have that much time to save up I was gonna ask for my banked vacation pay just before I go to school. Talking to some co-workers they say when I get the question will I receive any other income I have to say yes. I always thought this was during school time.

so is there a time I can safely take that money and not have to claim it?

Talk to the office, don't give them any information. If you are really paronoid use a payphone to ask them the question.
Deal Addict
Jun 8, 2007
1126 posts
654 upvotes
Mississauga
If you collect vacation pay, you're not going to get EI. Don't mess around with the system. Now if you have a choice of when you get your vacation pay, that can work to your advantage. If you can collect vacation pay when you're already employed and aren't going to receive EI that week anyway....
Sr. Member
Dec 22, 2005
751 posts
5 upvotes
Dundas
Unless the vacation pay is going to be *cash*, it will be reported to CRA as income. This means EI will have easy access to that information, so they are going to know. Maybe not right away, but they will find out.
Newbie
Feb 18, 2009
93 posts
Yeah, when you efile it, it will tell you to call their number and talk to the rep. The rep will then ask you, if you recieve this at a specific time each year or did you ask for your payout (there is no difference) Then whatever your E.I benefits are they apply this Vacation amount against it until it is all used up. So if you had like 3000 or 4000 dollars, it keeps going and going forward so your E.I benefits are used. Best time to use your vacation pay is when you are back at work and not on E.I. All the full timers where I used to work (TNT Chrysler) would do this. It doesn't help though if you got layed off perm.

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