SOMEONE HELP ME VERIFY SOMETHING PRETTY PRETTY PLEASE

ya you have to take the fee of the pre tax ammount making it arround 25,942.47

propat

Maggie , please

I don't think that's correct

georges, my retro started May 2004 but its ahrd for me to figure out what i am owed because the amounts changed in the first 3 years with re-assessments but here is what i THINK my numbers look like:
2004 owed 7 months x 700 = 4900
2005 owed 12 months x 1000=12,000
2006 owed 12 months x 1000=12,000
2007 owed 12 months x 1400=16,800
2008 owed 12 months x 1400=16,800
2009 owed 12 months x 1400=16,800
2010 owed 12 months x 1400=16,800
2011 owed 12 months x 1400=16,800
2012 owed 6 months x 1400=8,400
SUBTOTAL SHOULD BE 121,300
INTEREST
2004 5% OF 4900= 245.00
2005 5% OF 16,900= 845.00
2006 5% OF 28,900= 1445.00
2007 5% OF 45,700= 2285.00
2008 5% OF 62,500= 3125.00
2009 3% OF 79,300= 2379.00
2010 3% OF 96,100= 2883.00
2011 3% OF 112,900= 3387.00
2012 3% OF 121,300= 3639.00 (RATE CHANGES TO 5% MAY, JUNE)
SUBTOTAL FOR INT = 20,233.00
PLUS ONE TIME 3.27% OF 121,300?? = 3966.00
TOTAL INTEREST = 24,199.00
PLUSTOTAL PRINCIPLE OWED 121,300
GRAND TOTAL = 145,499.00
LESS 20% HOLDBACK FOR TAXES OF 29099.80
NEW TOTAL NOW 116,399.20
LESS LEGAL /HST 17.83% OR 20,753.97
GRAND TOTAL NOW 95,645.23

Able to claim 20,753.97 legal on 2013 taxes so I expect a tax return of approx 6000 so if I anticipate the 6000 return for 2013 and add it to my 95,645.23 I should realize 101,645.23 approx.
Don't know if my numbers are out to lunch but here they are for you to compare as requested.

If I got if right all and all in pocket chould be just a little over 2. I calculated as stated before and added an over all 10% including the 3.27 and that is what I got.

agree fully georges

will, when did your claw back start, I reteired on the 19 nov 2001, so from then till now there is 11 years, what about you? maybe we can do some numbers together on this.

When i did my calculations, the Demon Tax added another 10% to my tax bill.

John.

Will's Ridge. The amounts coming our way are substantial. For a few dallars more or less I will not break my heart and spend two months pounding numbers. I will wait for my work sheet and redress if not sattisfied. The problem here with many I think is that they are pre-spending threr money and do not want to over spend. You know 150000 is very easy to spend, triing to catch up with dreams is costly!!!! I live a very simple life, I,ve lurned that if you live poorly one day you may be rich. I do not even know what I will do with all that money!!! New truck-check, pay off bank-check, take wife on a trip-check, the rest ??????? Maybe a new shuvel!!! broke it yesterday. Live long, have no needs unlees you need it, smile be good to outhers and bless Dennis for his hard work.

well if you use a tax calculator you can figure it out if taken in one year so you have some idea.

propat

You cannot accurately calculate your income tax, untill the deemed taxes have been added on your retro. If you have a solid way to calculate the Deemed taxes please let us all know the formula so we know where we stand, if you can please.

Georges, I agree, we both have come to a realistic number in our calculations. Sure would be nice to have those hard and fast figures though. Just have to wait it out. Good luck

will's ridge, THe way i did it is I took the 1447 I get per month X 12 months X 11 years. That what you get aprox. 191004, less a little here and a little there, in pocket about 160000. OK it's simple but it give a rough figure. What would a few more a few less do?

mfors, I simply took MC's 2 examples of payouts and then submitted my own numbers. They took retro, plus interest, plus Tax -Gross Up, plus interest to Feb 1, 2013 for a total of 372,989. Then they multipied this 372,989 x 17.83% for legal Fees, Disbursements, HST so yes I believe you are correct

the leagal fees are charged on the entire deal including your pre tax ammount.the tax is on your pre leagal fee ammount.

propat