Deemed Taxes QRLSP Info (Qualifying Retroactive Lump-Sum Payments)

DEMON TAX

This,may I just add, is an additional 10% Tax on my retro!
Bringing my tax burden from 35% up to 45%.

Why isn't Peter telling us about this. silence is golden i guess.

Even if the law firm cannot legally do anything about this added tax penility at least the firm I would think would deem fit to include this information in some way, to help us prepare for this extra tax burden.

Just think, only 20% will be held back at source from our retro. what do you think would happen if we didn't know about this extra Tax burden, beyond our normal Tax bracket.

And didn't prepare for this when our 2013 Tax year comes due.

Thanks to Call Of Duty's information, at least we now know abot this extra Tax Burden that all of us will have to face.

John.

Propat, I posed that question to McInness Cooper in reference to "Undue Hardship" and whether the firm could action a proposal on such an issue for our benefits when dealing with CRA. He advised this was not done collectively but rather on a case by case basis according to CRA. I do hope we can work around that loop hole for myself from 2006 to present and for many others. Keep digging.
Sparrow

Ya, Propat, but sometimes the grass looks better on the other side, which means we could always send it back and get a worse deal!

nav i think we all know he can either accept ore reject buds.

propat

now the other idea i have that is worth mentioning is for as many as possible to ask the judge in our letters, if he has the athority to do so, to pleas issue a seperate order to the CRA not to charge DEEMED TAX on this class.if he does not have the athority to do so as a favor to the class would he wright a short breif for us on the unfair hardship this would place on us and give it to M/C to be distibuted to the class for us to add to our applications.

propat

The judge can only accept or reject the deal, he can't change it, ask Peter, if this deal gets rejected we are screwed because nothing compels the GOC to re negioate , nothing, and we will end up like the RCMP , which the GOC has decided to fight, this is the best deal , by any stretch of the imagination, we are lucky because its hard to squeeze a nickel out of harpers ass!

anyone know a good tax lawyer?pleas ask him if he can do us a favor.

propat

Please stay on Topic Navrat just need positive imput so vets can see the Tax loss situation.

Callofduty, Thanks for the information ref .DEMON TAX

I did my calculations and it turns out that i will pay an additional TAX PENITILY OF $9776... upon top of my all-ready $31,226 Taxes owed. This was based on $8124, annual retro. Starting 2012 all the way back to 2004.

Not Cool at all.

I usually signe off with Cheers but sorry not this time.

John.

yes nave but we dont need to change the act to avoid paying deemed taxes but insted use the act to accomplish the same goal as deemed tax in this case is verry unfair.

propat

well first idea looking at the point we cant ask the judge to change the deal just accept ore reject.this idea ive brought up already.

find a good tax lawyer (as it will be tax lawers that will be reading this)to fill out a form for us we can all use.he would only have to fill out question 5 i think as we are all in the same boat and we would fill in the rest and add a copy of the ruling and a copy of our worksheet.of course fill in our paticulars.

propat

I believe taxes are like death ,everyone of us is going to pay,maybe we should not dwell on the amount so much and just be happy we got the cash to pay, so many don't , the GOC will never change the income tax act, never, pay taxes and feel good we gave back or pay taxes and feel shitty, your choice but in the end , we all pay

Thanks for understanding Bro. I did add a detail to the topic if this helps.

understood.

propat

Propat most of the important information in Regards to QRLSP info is within this tread. No disrespect but i would like to have it all organised on 1 area for Vets to get a complete picture by reading the whole topic. But i would surely welcome your imput.