To anyone that can help, I have checked the internet for this situation, but havn't found out an answer.
I am thinking about doing a Medical Study for $1500 at Pharma-Medica in Toronto.
On the Pharma website, it says that:
"The fee we pay you is compensation for your time it is not employment income. You will not receive an employment statement from us, and we do not deduct taxes, etc., from your fee."
So according to them, this is not income. Is this correct ? Is it indeed not Taxable under Canadian law ?
I am also on E.I. at the moment. Does this mean that if I do the study, do I have to declare this money to Service Canada or not ? If it is not taxable income, then what is it ? A gift ? Does it still count as income to E.I. ?
I checked out Service Canada's website and of the over 50 things they list as income or not, they do not list Medical Studies.
What would happen if I deposited this in my account (I currently have direct deposit for my E.I. benefits and Income Tax) ? Would Service Canada find out about it ? Does Service Canada keep a monitor on a person's bank account ? Does the government keep a monitor on a person's bank account for Income tax perposes ?
Would I be better off going to Money Mart if I didn't declare this ?
How strict is Service Canada regarding E.I. and Medical Study compensation ?
Any thoughts ? If anyone knows of another forum I can go to, please point out the way.
Thanks.
