Question regarding ELB, cia, pension.....etc

Yes, the PFL is listed simply as additional monthly amount. I love how they made that super clear to everyone.

As far as SISIP, if you are working during the first two years, they will only deduct 50% of your earnings from your LTD benefit, IF you are taking part in Voc Rehab. Under the new IRB, which is VAC veresion of SISIP, a Veteran can now earn up to $20000/yr, before having any income deducted from their benefit. So if your IRB is $5000/yr, you can earn up to $20000, before anything gets deducted. This only applies to actual employment earnings, so things like CF pension and CPP(D), are still deducted at 100%.

Sorry to budge in this thread but thought I'd ask because I got my letter today, but is PFL the 'addition monthly amount' in my vac account? and what is the limit earnings per year for sisip ltd, I don't have cppd

Yes, unfortunately, VAC cannot control what other departments do. But if CPP deducts that extra $15000 from their benefit, or worse, cancels your CPP(D), that just means less money that would be deducted from the IRB, for the CPP(D).

bigrex wrote:Yes, come April, if you are on IRB, you will be able to earn up to $20000/yr, from part time employment, before any money is deducted from your benefit. That is a major boost to those individuals who are capable of working, especially if they were not able to get the CIAS in time.

what is a vet was both DEC and under CPPD, I think with the latter you can only earn $5000, so I guess that makes the $20000 limit, irrelevant, assuming some one could work at all.?

Oh ok. Thank you. I assume all the details will come out on April 1 about everything. Well, maybe lol

Gunner

No, you'll probably have to report it, but it just won't be deducted from your benefit.

So we don’t have to report it or anything either, As long as we don’t go over 20,000?

Gunner

Yes, come April, if you are on IRB, you will be able to earn up to $20000/yr, from part time employment, before any money is deducted from your benefit. That is a major boost to those individuals who are capable of working, especially if they were not able to get the CIAS in time.

Great. Thanks for The replies, much appreciated.

Another question, come April first 1st, will we be able to make $20,000 a year without losing our ELB? Is everyone eligible who’s on ELB? Thanks


Gunner

Gunner, yes, you can still list it as income, when applying for a loan. Most banks will just take the tax free amount, and add upwards to 30%, to simulate a gross income. I know that is what they have done with my PA pension, anytime I've gone for a loan.

Hi Gunner8,
This is what I was told by the VAC Rep when she called to discuss my income chances to my CIA and ELB. She told me that my  CIA changes to APSC it will be combined with my tax free pension. The ELB becomes IRB and will piggy back with other taxed benefits such as CIAS. I don't know if they will have it individually listed for income proof in MY VAC Account but I put in a request for proof of income with VAC because my mortgage is up for renewal.  VAC kindly sent me letter with my taxed and untaxed benefits income amounts. The only income proof they did not include was my VIP since it is classified as a grant and not house income. So even if VAC does not list each benefit separately, you can request an updated proof of income letter. Also come April, VAC will sent out verification letters for income amount changes so you could also use those letters for proof of household income as well. I just found it easier to request an income proof letter from VAC instead of bring in a stack of approval letters to the bank.
Hope this helps.

Cheers,
By the Bay

Okay. We can still use it as a source of income tho right? Like for example giving income total to purchase a house/ car etc?

Gunner

No, after next year, the T4A will only show the amount received for ELB.

Also, there will be 2 deposits in you bank account, every month. One for your ELB, and a second deposit that will total you APSC (CIA) and PFL.

Okay. So will that still all be on your T4 for total income at the end of the year?

your CIA will no longer come with your ELB . your adjusted and renamed CIA will now come on its own or with your PFL if you have one .

propat