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T1198 (Assorted Topics)

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Re: T1198 (Assorted Topics)

Post by Guest on Mon 03 Feb 2014, 17:45

Got it today , thanks

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Re: T1198 (Assorted Topics)

Post by jaxk on Mon 03 Feb 2014, 01:13

Nothing yet,
I haven’t spent a dime – waiting for the hammer to drop Crying or Very sad
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Re: T1198 (Assorted Topics)

Post by Rifleman on Sun 02 Feb 2014, 19:25

I sure hope so Nav that's a lot of money to give back after waiting so long to get it

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Re: T1198 (Assorted Topics)

Post by Guest on Sun 02 Feb 2014, 15:24

I sure hope we can use our unused deductions from previous years because I just did my return on Ufile and I owe 35000.00 . I hope this form t1198 can reduce this

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Re: T1198 (Assorted Topics)

Post by Rifleman on Sun 02 Feb 2014, 12:49

Nothing yet and agree with PEEP

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Re: T1198 (Assorted Topics)

Post by Guest on Sun 02 Feb 2014, 12:47

I know from what I have heard is the CRA uses the form 1198 to tax the retro minus interest as if it was received in those years . I know they don't reassess , an interesting question that I was asked from a legion friend on our trip was since they don't reassess your prior years tax returns , do they just apply the tax rate for those prior years on your retro , do they include any tax deductions you might have had those prior years. Say someone had a lot of non refundable tax credits because they couldn't use them from low income for all those years, will CRA just add the retro amounts onto your prior years tax returns to include those deductions or just say your tax rate was 25 percent will they just tax it at that rate and not include the deductions

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Re: T1198 (Assorted Topics)

Post by peep on Sun 02 Feb 2014, 09:47

Zippo, Zilch, nothing, nada.

We have until 1 April to file, so I expect SISIP to start panicking March 30th
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T1198 (Assorted Topics)

Post by Guest on Sun 02 Feb 2014, 09:36

Has anyone received any of these from sisip. I know there is a legal deadline of 28 Feb to get out T4 but I wonder if they apply to the form 1198?

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Re: T1198 (Assorted Topics)

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