With all that retro coming up, I wonder how much money can you put in a RRSP or a college fund?

Yes I do care and more than you think, it's not disrespectfull at all it was just a question that everyone will have to deal with their income taxes. I should have rephrase my question like : " How can you prevent the GOC to bleed you to death in income taxes with all the money he own you"

Retro? Do you guy even care that there is alot of us who have not had a check send at all , no info at all Retro Come on

Yes, there are so many factors that will have to be taken into account, there is no way to provide a general amount a Veterans will recieve. Things will drastically change depending on what year they were released, whether they have a CF pension, getting CPP(D), level of PA pension, and whether they are still entitled to SISIP beyond the 24 months, and what the cumulative cost of living increases have been since being zeroed out.

Personally, I think SISIP should be paid at 75% of the current rate currently received by the rank you were when released, but because of the 2% cap on the annual indexing rate, A maxed out Cpl released in 1995 and TPI, will get far less than a CPL released in 2005 and TPI, because the CF pay rates have grown at a much faster pace. In fact, the first veteran, after 17 years of indexing will receive approx $3300 gross per month, while the second received that amount on release, and would now get almost $3800.

yes sapper i belive every detail will be in the package and we will all have to do the math im pritty sure moast understand that but thanks a thanks for pointing that out for thoes that dont.
propat

Not to sound like a dip-shit or anything, but this deal we are collectively awaiting will be personalized to our own situation(with all numbers etc.), and not just a "60% with top-up and fees"kind of deal>I can never get a straight answer out of sisip regarding my monthly amount. Its been that long.

buds when we get the package i promise i will help if you ask the question then ore pm me.
propat

Had this situation that I was left behind from SISSIP for 10 years and when they finally paid me back, the GOC and the GOQ claimed 50 000$ in income taxes and I had to go for a bankruptcy. When you are sick you don't care much about finance, but now I'm a single dad with a 6 years old kid so I don't want to make the same mistake twice.

ironman its great to plan ahead on the tax side but their will be no firm plan for you until we get the agreement as we will need this to form a compleat plan.
propat

lol

ironman your last assesment should tell you how much you have left you can put into rrsps plus you can add this years as well.not sure about the collage fund.
propat

Look at your tax return from last year and it should tell you what you can contribute! And if all else fails, talk to your finacial manager at your bank (it's free and that's what they are paid too do!). They might have some suggestions!

Best of luck!

I'm just trying to find some ways to save on the income taxes