Minister may grant relief from penalty or interest

Lets keep the info flying troops every bits helps

Yes George, agreed, interest and cola also.

3.27% is a lot better than 00.0%

here is a nice stroll down memory lane about minimizing taxes---taken straight from the leavenovetbehind faqs-----

Will I be charged income tax on the money that I receive?
Yes, the Income Tax Act states that these amounts are taxable in the year that it was received. Class Counsel is aware of this issue and are working to minimize the tax consequences of this decision on the Class.

how in the blazes does 3.27% minimize our taxes since we are also paying taxes on the 3.27%?

remember---
heroes dont attack the vulnerable
heroes dont favour greedy lawyers over their comrades
heroes dont blame others for their weaknesses
heroes know their own limits &stop before they hurt others
heroes dont forget that they serve &represent those who count on them
most of all--- heroes make sure no one is left behind

propat,
Yes thanks, good advice, always best to be prepared.

trooper my advise get a RC4288 E (11) request for taxpayer relife form fill it out and send it in SOON as you get your worksheet.buds im really not saying this to frack you arround im really trying to help.

propat

Well I guess the only real way of knowing, would be in the final phase of this Lawsuit - Payout.

trooper getting any correct answers out of them is like pulling teeth.

propat

that was just a repost from a while ago not a new one.

propat

by McInnes Cooper on Fri 11 Jan 2013, 14:14
.



Fair enough. I accept your apology and appreciate it. To be clear I asked to clarify what you were referring to at the outset of our conversation, to ensure we were on the same page. Particularly where we also had a discussion about deemed taxes really being interest as noted by the Judge in your previous case. (No one, except the CRA of course, generally refers to it as deemed taxes, and I am reluctant to call it this so other members do not think it is a penalty of some sort).

In any event, I thought we had a fairly high level useful discussion about the issue. I agree it is not morally or ethically correct that the refunds will be taxed in the manner they will under the ITA, either in the year they are received, or under the QRLSP. That is however, what the ITA and CRA will require. My main point is that, there is (and was) no legal way to force a higher contribution toward this tax exposure.

Again, I encourage you to write to the Court on this issue. However, in my view the global resolution, while not perfect, is an excellent result.

All the best..


McInnes CooperModerator

Number of posts: 110
Location: Halifax
Registration date: 2012-09-05

just a repost

propat

True that Propat.

trooper they are verry tight with their words they do not call them penelties ore interest just deemed tax.even thoe a judge agreed in one case that it is iterest saying if it walks like a duck and talks like a duck.its a duck.

propat

greatfoot im glad you will be prepared.i sure as hell will be.btw vets on this site will be asking for a judicial review over these unfair tax practices so it might be a good idea to send in a request for tax relife form once you get your worksheet the 10 minuets it takes might pay off.

propat

Propat,
Long read there, still trying to digest it.
I did mention the T1198 to her, she was adamant in stating that it will not affect us in our case, she said that in our case, if penalties were to apply, it would be the payer that would be responsible.
Good Idea to keep ahead of the game, what you decided to do there.

greatfoot i understand i did not get mine in 2008 as they told me staight out i would pay more if i claimed it in past years becouse even though i would be paying a lower rate the deemed tax was to high for thoes past years aprox prime plus 2%.

propat