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Withholding rates for lump-sum payments- Is this the percentage rates Manulife will withhold?

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Withholding rates for lump-sum payments- Is this the percentage rates Manulife will withhold? Empty Re: Withholding rates for lump-sum payments- Is this the percentage rates Manulife will withhold?

Post by Guest on Sun 05 May 2013, 16:43

That's a valid question ducked, the norm for sisip withholding tax is 20%. Who knows what they will withhold, for large sums of retro

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Post by peep on Sun 05 May 2013, 14:59

Yes was under 15,000
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Post by Sapper Zodiak on Sun 05 May 2013, 14:43

Peep...was this sum greater than $15000 (none of my business but) I have an awsome lady from BMO nesbit burns who will make sure I minimize my tax situation, so I hope they only deduct 20% It is our money until next tax year anyway. We should be allowed to invest it for atleast the year.

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Post by peep on Sun 05 May 2013, 13:01

Wen they payed me LTD and LTD back pay last week, they took 20% for taxes.
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Post by Guest on Sun 05 May 2013, 12:02

ducked im not sure it really matters what they take.if they take 30 i will owe them come tax time and if they take 20 i will owe them more but it will not change my total tax paid for the 2013 tax year.

propat

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Post by Guest on Sun 05 May 2013, 10:59

Withholding rates for lump-sum payments- I keep hearing MC said 20% withholding tax......But this revenue Canada document doesn't support that !

Combine all lump-sum payments that have been or are expected to be paid in the calendar year when determining the composite rate to use.

Use these federal and provincial or territorial composite rates:

10% (5% for Quebec) on amounts up to and including $5,000;
20% (10% for Quebec) on amounts over $5,000 up to and including $15,000; and
30% (15% for Quebec) on amounts over $15,000.
Recipients and employees may have to pay additional tax on these amounts when they file their returns. To avoid this, if a recipient or an employee requests it, you can deduct more tax:

calculate the annual tax to deduct from the recipient's or the employee's yearly remuneration, including the lump-sum payment (see "Step by step calculation of tax deductions" in Part A of the T4032, Payroll Deductions Tables);
calculate the annual tax to deduct from the recipient's or the employee's yearly remuneration, not including the lump-sum payment; and
subtract the second amount from the first amount.
The result is the amount you deduct from the lump-sum payment, if the recipient requests it.


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