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im think they do navrat you may even agree when you see the deal at least i hope you do.we will know soon enough.

propat

It's like watching a boiling pot of water, doesn't legal have a heart, lol

non of it depresses me yet navrat when i see the deal ill do the math and react accordingly.they will pay this and pay that takeaway this and takeaway that as long as im made financially whole at the end.all my retro plus interest minus tax with all extra taxes covered in any way they want to do it ill be able to swallow it.hang in their buds only a few days left.

propat

Man, it's depressing to hear about that, Propat , but I think it will hurt more once you see the deductions, if Big Rex is right , and usually he is, his calculations leave us with maybe 50 percent, and Dennis said legal fees are very reasonable, hint, how would he know this if they have not already come to some agreement ?this doesn't make sense?

lmao yes teen verry but at least a positive one.

propat

go wipe your butt propat that rumor was messy! LOL

ok boys i have a roumur taxes will be withheld at sorce and sent to cra.
cra will calculate all penelties and send the bill to tresury.

DONE AND DONE

ok not a roumur i just pulled that out of my but.

propat

If I recall correctly a conversation I had directly with Peter back in October, I did specfically ask him about taxes. Now, from that converstation I recall him saying that they have ALREADY talked with CRA about the implications of this settlement and the taxes we WILL have to pay. He told me that CRA is prepared to assist us in figuring out what is the best method for us to pay, to the effect that we will pay as little as possible. MC's tax section is on board with all of this. When the decision comes down, all CRA needs to do is plug numbers into their formulas and they will determine which method allows us to pay the LEAST in taxes, and that's how it will be figured out. If you least-tax option is retroactive lump sum payments over a number of years, that's how they will calculate it, if your least-tax option is to pay it out as income in one year, that's how they'll figure it out.

I know that we are all gun-shy, having had to deal with inept, incompetent, moronic, assinine, idiotic, immature, irresponsible and downright criminal departments of the government from the moment we were released, but I ask you to, please, have confidence that some government departments actually do have their shit together, CPP and CRA , to name two examples.

And, as an editorial comment, those that are familiar with my posts will know that I am somewhat cynical and jaded when comes to the government therefore the preceeding paragraph's comments are not made lightly.

COD if there is any government department that can make accurate calculations it's CRA! Afterall we all send them our financial info every year. And yes they run the numbers and give the person a choice of option 1 or 2. In option 2 they will redo all your taxes and carry any money owed forward to the current taxation year.

Let's just say all 3 parties, Navrat, are going to be working together so that there is little to no delay of sending out retro money. Afterall a large amount of people have been identified to recieve retro so why would all 3 parties sit on their thumbs waiting for a Judges decision? I can say with certainty that the wheels are in motion right now.

Oh and sorry but my sources don't work at VAC or the Legion in the Hammer. But I do like their 'spunk'. LOL

I find it hard to belive that the CRA, Will be able to make accurate calculations on every 1 of us. Most likely they will just say, In your case, It will be more benificial to claim it option 1 or 2. But this will not help with the Deemed taxes in Option 2. CRA cannot change Legislation, or make exceptions for 1 group or another. the only way we can get a fair shake on taxes, is to have significant Notional Top ups, that compensate for 100% of the added taxes we will face. A blanket top up will not help a person with many years of retro. each case needs to be adjusted accordingly to be fair.

I hope your rumour is correct, I hope it came from a Vac employee and most definite I hope it came from the Hamilton legion. One thing thou I did ask my cm at sisip about the settlement and they said everything is in place, once they have the retro date, the go ahead , payments will be issued , she said it would be very fast because they have everything, all are information, no different than a monthly sisip ltd cheque just larger. So if it has to be sent back to MC then checked with CRA this to me seems like a process that could take some time!

To answer your question Navrat....part of McIness Coopers (MC) job is to make sure everyone recieves the proper amount of retro pay. That said once SISIP does their calculations it is sent to the lawfirm for them to check the numbers...at the same time MC with the co-operation of CRA, as they are aware of this settlement and the amount of money some people will recieve, will run the numbers for taxes for the client so they can make the best decision. This is the rumor I heard. HOPE this helps everyone and dispells any other rumors about taxes.


I will work on that HST tax NS residents are going to face.

This is what my VAC secret Hamilon legion informant meant by the notional top. Up of 10000

Yes I believe you COD, but when do you get the choice? Do you tell sisip which way you want or wait for next tax year. No, question sisip will withhold taxes calculated by the chart before a payment is forwarded to the individual

At least my rumour was a good one, I heard it at the legion and since everyone has been up and down as of late, I wanted to spread some good news. This guys not in my corner but I did buy him a drink, just to smooth the conversation, but there is alot of leaks. I do think Teen this tax question is very important, there is a ton of questions to ask, since alot of us will lose our shirts, Call of duty went thu this and I have no reason to doubt him! Once the settlement is approved does sisip before they issue payment contact Cra for how much you will owe because if not that means sisip will just issue the payment as if it was a monthly payment and withhold whatever taxes the chart says. If that was the case then next tax year we would have to decide which way to go. Sisip will not issue any payment without withholding income tax, So this is a good question because this issue might be spread over a couple of years and th legal fee deductions won't apply until next year. So in the next couple of months we might get smoked by the withholding tax as Big Rex post clearly states.