line 150 question

[the end of my rope]

Hey everyone~ I have a question, I started a new job about a year and a half ago and we get a stock share. Because this is new to me, I was wondering if it is included as income on line 150 on my taxes or is it under a different line? On my pay stub its not in my income line.. I am also on salary if that helps at all. Because if it is included on line 150 my support jumps almost 125 a month (3 kids..). I hope this is clear. Thanks in advance.

[Foredeck]

If I remember correctly, stock options are calculated on line 127 under capital gains, and only when you sell the stocks.

Also, you have to add the full capital gain, and not only the 50% that is taxable.

[dadtotheend]

They are usually added into the T4 as a taxable benefit, so you will not see the on the pay stub, but they will be included as employment income in the T4.

[the end of my rope]

Sorry I was wrong I have profit sharing.. sorry

But thanks for the quick answer back

[the end of my rope]

It was profit sharing not stocks sorry.. but does that get included on my 2009 assesment as income on line 150? Because I know CS goes by line 150.. I think?? I got an extra 7500 dollars this past year, paid out to me. I can't seem to figure this out.. Thanks again

[Foredeck]

It depends when you receive it. Profit sharing is a performance bonus type payment, which is calculated the same as your regular pay. It would go on line 101 (so included in 150) for the year that the bonus was paid.

Usually, the profit sharing for 2009 is paid in 2010, so your CS payments will increase the next year.

[NBDad]

When you get your T4 documentation from your employer and are calculating your taxes (or having someone do it for you) the number you wind with on line 150 is what your CS should be based off of.

All the lines on the T4 have a corresponding spot on the tax forms, so if it's calculated separately it should have it's own column and corresponding spot on your forms.

When all's said and done, take line 150, use the tables and boom...there's your new monthly payment for the year.

[dadtotheend]

Originally Posted by Foredeck

It depends when you receive it. Profit sharing is a performance bonus type payment, which is calculated the same as your regular pay. It would go on line 101 (so included in 150) for the year that the bonus was paid.

Usually, the profit sharing for 2009 is paid in 2010, so your CS payments will increase the next year.

Exalackaly Fore, it's when you receive it, usually in the first quarter of the new year. If you had some profit sharing regarding 2008, it was most likely paid in first qtr of 2009, don't forget.

[got2bkid]

It is NOT always line 150. Look up the gov't Canada web-site with the worksheet that tells you how to calculate your income so it FAIRLY reflects what you should pay in child support. There are many inclusions and a few deductions that are always accepted. For example, my husband is an employee and he has a vehicle allowance since he was required to buy a vechile and uses it daily in his job, this allowance is allowed to be deducded from line 150. When he sells the vehicle, if he makes any "money" at that time, then that is included in income used to calulate CS.
You don't have to include profit-sharing if it is a one-time thing and not truly reflective of your salary, but it depends what line it ends up on in your taxes. Look for the gov't link, it will help you.

[dadtotheend]

Or you could have posted the link into your message.