Trying to Make Sense of the Madness

K9...   thankyou,  it helps but it was not the exact one I am thinking of.    The one I was looking for was from someone that got their retro back and posted that... the worksheet shows columns and each column states: 
amount....  interest....  taxes....  lawyers..... tax gross up   etc....... 
But thanks very much for your help it is appreciated.

Confused.  I voted based on what I will get after fees and taxes.  Also I have not received anything yet.  is this vote for amounts or what has been received?

Livre lover,
Here is the example
I think this is what you are looking for!

http://leavenovetbehind.ca/content/Examples%20of%20settlement%20and%20fees.pdf


Ok, I think you are talking about something else!

I vaguely recall that, I would also like to read that, cant seem to find it.

I am looking for the post that showed how the worksheet was laid out,  by MC with the retro check.   I remember reading it but now I can't find it.   Hope someone can help me.
thanks

30% withheld for taxes on our retro, and using the legal fees as a deducting, should make for and interesting tax return next year. I am hoping that I at least break even, anything above and or  beyond that would be a welcome bonus.

The taxes held back on large lump sums is mandated by the Federal government through CRA. The rates have been posted on the forums in the past. Any lump sum greater than $15000, SISIP is legally obligated to withhold 30% (less for Quebec), regardless of the court papers, and verified by a member of the site who has already received their retro last month. I know it sucks, but better to know in advance then finding out when you rip open the envelope and find a smaller cheque than expected.

Bigrex,

You lost me...
30% taxes?
I was told by my SISIP Case Manager that it was 20% in taxes that SISIP was holding
back and that it was the maximum that they could hold back from the offset.
I know that they take 20% in taxes on my monthly SISIP income.
Did she give me bad Intel?
It would not be the first time she gave me incorrect information.
This makes me sad...I calculated 20% taxes now it's 30% tax deducted...
That makes me 10% poorer.
Darn that tax man is a sneaky son-of-a-gun. LOL

Hey stinky, welcome to CSAT, glad to see that you are getting the figures for your retro. And you are in good hands with the help from bigrex, he has helped many here, including myself. You can ask anything here, CSAT is here for you.

My god after doing the math and such, even if it is an estimated amount I just went WOO HOO !!! but in all honesty even getting one dollar back is better than nothing and something is always better than nothing....... stinky out!

P.S. Thank you once again for your help Bigrex

thank you very much Bigrex for your help Ill go take a look and see what it is, once again thank you for your help..... stinky out

Stinky. Estimating your retro should be rather easy, if the only other source of income you had during those 2 years was your CF pension. Simply go to the link I provided, find your rank and pay scale for when you released and subtract 25% from that amount to find the guaranteed amount while on SISIP. Then deduct whatever your gross CF pension amount was per month. This amount is multiplied by 24, giving you the total net amount (without CPI increase, which has yet to be determined). Then add the interest, which from 2006 should be roughly 30%. That gives you approximate total amount of your return. Then you have to deduct 30% that will be held back for taxes, and roughly 9% (varies depending on province) for legal fees and disbursements. Obviously this will only give you a rough estimate, but it's better than not knowing.

An example using basic Cpl rates released in 2006 after 15 years and was a zero sum client.

Monthly gross pay = $4416
75% = $3312
CF pension = $1300 est
SISIP owes $2012 monthly
That is $48288 total for 24 months
48288 + 30% interest = $62774 retro
$62774 - 30% = $43942
$43942 - 9% legal off gross amount (5649.66) = $38292 estimated cheque amount


Link to current and historical CF pay rates

how does one figure out just how much they might be getting in retro? as I have been retired since may2006 did the sissip school thing worked for a year got fired and now retired again LOL! am receiving dva as well as pension and am I believe known as a zero sum as sissip sadi I made to much to collect ltd so as I just asked how does one go about figuring what it is one may receive in retro thank you for you help......

Ya greatfoot poeple vote on the amount they are EXPECTING... Cause lime I said I know of no one one here or fb that got above 20k!
Should re do the poll but specify that its for amount received

Based on the 6 month payout time limit I can see that premiums being paid from members over the next six months is paying for the payouts. Obviously they don't have the money in the bank to payout everyone at once. Just a thought.