Where are the two example Peter was providing today

The lawyers will not give an example of what taxes will be owed becuase each case will be different. It will change because of provincal taxes, how much you make from other sources,etc.

Yes this is all fine

BUT we have not seem an example with numbers place in and all taxes not just interest. what if a final number and when do you add the top up.

This is simple and I believe my calulation to be correct on what i have and heard. BUT i still could be out to lunch with OUT AN EXAMPLE


KISS

Bottum line is you get all you should have minus the legal fees. It is that simple.

Ya you are helping

Thanks Navrat... I am just trying to help people get an accurate idea of what the interest rates mean... not sure if I am helping anyone or not.

That's the way I believe also, Maggie

But Peter's method is just as accurate.... 5% for each of 03,04,05,06,07,08 and 3% for 09,10,and 11... equals 39%... on the $10,000 earned in 2002 you have $3,900 owed to you in interest...

the amount you are owed from 2003 would be calculated at 34% ect.

same as I said.

Thank you Maggie , I needed that

Peter got it right... that is an example of simple interest added together... another way to put it is if you were owed 10,000 for 2002, in 2003 you would earn 500 on that amount, in 2004 another 500 ect up to 2009 when it changes to 3% so you would earn $300. for a total interest on the 10,000 from 2002 of $3900 to the end of 2011... do the same thing with the amount you should have gotten for every year you have been clawed back...

Compound interest means you get interest on interest you would have earned... in 2003 you earned $500 on your $10,000, so your interest for 2004 would be 5% of $10,500 or $525... etc... so the amount of interest increases every year instead of staying at $500... that is compound interest


Please believe the example I have given you and the # Peter gave are examples of simple interest.

I don't yet know if the 3.27% is annual interest or just a flat rate applied to the total... I suspect the latter... but I don't know for sure

No., Peters, is correct

year one x5% = x
year two x3% =y
then add x+y and you get the result with 4% total.

Each year must be done separately then added all together at the end.

otherwise you will get compound interest.

Peep, that can't be right. They may not add interest on the interest made, but interest has to be added to the base amount every year.

You got it peep. Not so shiny now eh? I go back to 1990 or 91...so I lose a lot. But I do hope we get an answer on what is owed because it has been two decades and how am I supposed to remember my income. I just remember that it was so low that if you were married, you could go on welfare at the same time.
Chimo

come on people ...... i am so confused lol