Group 214 ,Only Comment Here If You Are, ( On )This Months List ( MAY) Or recieved your retro.

Cal014,well there you are. Thanks for posting

Thanks ducked for the % info. it hard to keep track of all the numbers.
30% works fine for me, i would rather get money back than owe CRA at the end of the year. Better to be on the safe side. But that's just me.

Cheers
John.

You will get a purolator letter delivered at your door, congrats!

I just checked with the sisip app and my claim has been processed...how does this work...do I get a letter or just a cheque...can any one let me know thanks.

Last name begins with a B ...fyi

at the end of this calendar year, the total of tax deducted from both my re-payment, and other pensions will be in excess of 50%,

as SISIP hasn't taken into consideration all the deductions in total from all taxable income, and will be withholding 30%, the actual rate deducted will be much higher than 30% (but SISIP does consider all taxable income sources when calculating payout of LTD)

the other choice I or any one can or could use, is to call their taxable income sources and request to have no deductions, just as planning for owing more funds and requesting a increase.

as I am closer to the end of the alphabet, and earning some interest on the unpaid amount, the shortest delay in being re-re-paid the extra 10% will be from October 2013 to April 2014 (7 months)

thank you ducked,

I was going off of MC at 20%, if it is indeed 30%, then it a loss for all here, and a minimum 45 million dollar savings for the government

It was published here at least 2 times indicating the GOC withholding taxes for amounts above $15000 is 30%. People continued to say but MC said its only 20%
3rd time
Withholding rates for lump-sum payments

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:

agreed,

for myself that will be just above, or just below $17,000. I could add it to a RRSP, or a savings account to earn interest, withholding 30% even before the legal team takes their dues

now I will have to utilize the funds I will receive to try and recover those that will not be paid out at all,

also, as they are delaying payout for just shy of a year it is a bit of interest that could benefit us all.

Puddles, very accurate observation ~ 30% does seem overly excessive tax with holding bracket ~

question, why was 30% withheld by SISIP, I thought that they were to only withhold 20%,

at that rate in my understanding and with legal fee's coming off it is close if not over 40% going back to the government coffers, and fee's

with all the deductions, and having to wait until next April or May 2014 to get a refund back from the government (earning no interest at all during that time),

it is a cost savings for them not to pay the extra 10% for all of us, but a bit too much, as 10% of 445 million, is 44.5 million they are not paying out 'now' that they delay until next year

I was hoping more people would be on the first list from here.

O Well.

Cheers
John.

Opps Sorry i forgot to mention.

Dogs,Squirrles,Birds, Cats,Farrots,Pet Fish.Snakes,Spiders. LOL! ect..... Sorry if i missed your favorite best friend.

Cheers
John.

Pteadams,bigrex and trooper. Thanks for your contribution and support.

Hopefully these next few weeks will pass, without too much stress and we can move onto makeing plans for our summer, Without having to worry about....... retro....,purolator trucks...., sisip.... or mc.

It will sure be nice to put all this behind us and concentrate our efforts. in taking better care of ourselves,family and friends..

Cheers
John.

bigrex, they may be more tomorrow, and one posted that he new of three that got their cheque today that are not members of CSAT. Last name begins with C, D, and R

Thanks for the clarification, but it still means that you are among the 214 and will be getting the cheque within days. Considering how small of a sampling active members of the site actually are, compared to the amount of people in the class, I'm surprised that we have as many as 3, out of the few completed files.

I have been processed but have not received the cheque.