What Line on Tax Assessment Does SISIP Use
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Re: What Line on Tax Assessment Does SISIP Use
SISIP does NOT deduct our total income. SISIP does NOT deduct ANY investment income and that includes rent from rental properties.
But SISIP will deduct all pensions received like CPP and CFSA. SISIP will deduct ALL employment income generated whether it is wages or commissions.
So your investment income is NOT deducted. So if you were lucky and made $500,000 from capital gains, this is NOT deducted by SISIP. If you were smart enough to pick up some real estate and rent it out, this income is NOT included either.
But SISIP will deduct all pensions received like CPP and CFSA. SISIP will deduct ALL employment income generated whether it is wages or commissions.
So your investment income is NOT deducted. So if you were lucky and made $500,000 from capital gains, this is NOT deducted by SISIP. If you were smart enough to pick up some real estate and rent it out, this income is NOT included either.
Nemo- CSAT Member
- Number of posts : 464
Location : canada
Registration date : 2010-08-13
Re: What Line on Tax Assessment Does SISIP Use
Why are you talking to Sisip for taxes anyway call TRC for the info. tax Canada does taxes not Sisip. Just a thought
Chimo
Chimo
Guest- Guest
Re: What Line on Tax Assessment Does SISIP Use
Interesting comments, sorry guys but every answer is different. For me the only T4 I get is from my military pension but there were a few years in 2002 and 2003 that I had rather large capital gains so will be disappointed if they use total income because once the offsets were applied these zeroed out. Will write to SISIP I guess, pretty bad I say that they could not tell me when I called rather than some BS that it is a privacy issue.
RCN-Retired- CSAT Member
- Number of posts : 263
Location : Vancouver Island
Registration date : 2012-11-14
Re: What Line on Tax Assessment Does SISIP Use
Line 101 - Employment income Employment income can consist of amounts you receive as salary, wages, commissions, bonuses, tips, gratuities and honoraria. Employment income is usually shown in box 14 of your T4 slips.
If you received payments from a wage-loss replacement plan shown in box 14 of your T4 slips, you may not have to report the full amount on your return. Report the amount you received minus the contributions you made to the plan if you did not use them on a previous year's return to calculate the amounts to report. For more information, see Interpretation Bulletin IT-428, Wage Loss Replacement Plans.
This is from CRA web pages, but I used line 130 last year.
If you received payments from a wage-loss replacement plan shown in box 14 of your T4 slips, you may not have to report the full amount on your return. Report the amount you received minus the contributions you made to the plan if you did not use them on a previous year's return to calculate the amounts to report. For more information, see Interpretation Bulletin IT-428, Wage Loss Replacement Plans.
This is from CRA web pages, but I used line 130 last year.
Re: What Line on Tax Assessment Does SISIP Use
Sent in the same paper work a few weeks ago. I have no ideal what they us but if they use that info it is in my favor, a year before realise I started a compagnie then got really sick and was realised. Nevr got back the capability of growing the bsieniess but I can not sell off my live stock!!! It keeps me going and gives me a reason to get up in the morning it keeps me buzy during the day. The bisenees is a yearly lost of a few thousnad dollars. So bottum line I am poor, maybe that will help me!!!! I stile do not have a answer from SISIP for my LTD they say I should get it before january
Guest- Guest
Re: What Line on Tax Assessment Does SISIP Use
other income line 130
Last edited by ColZula on Sat 01 Dec 2012, 11:13; edited 1 time in total
Guest- Guest
What Line on Tax Assessment Does SISIP Use
Trying to complete my declaration and wanted to know from my tax assessments I am about to send to SISIP what line of the tax return do they use? Total Income, Net Income or Taxable Income? So called the Class Action number and spoke to a very accommodating receptionist but that is as far as I was able to get. She put me on hold a few times to seek out an answer but was the final answer was that this information could not be given to me over the phone because of privacy issues, and to get the answer I would have to write them and request this. Simple question, one line number but it is a privacy issue, amazing. Does anyone know what income they (SISIP) use, seems only right that they use the taxable income line but that is in my favour, their's would probably by the total income line because that is before the offsets for such things as capital gains etc.. Thanks if anyone knows the answer otherwise my letter is in the mail.
RCN-Retired- CSAT Member
- Number of posts : 263
Location : Vancouver Island
Registration date : 2012-11-14
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