Deemed Taxes QRLSP Info (Qualifying Retroactive Lump-Sum Payments)

I agree COD the fairness provision defiantly does not satisfy its intent and neither does the QRLSP legislation. something has to be done.

propat

Thank you propat for the great insight you been providing on many subjects here on CSAT. Yes I will be submitting the Tax relief form under fairness provisions. Most likely stating that the QRLSP Legislation Mechanics, in my opinion, are not being implemented, as it was probably originally intended to operate. Its my feeling that the Legislation actually acts as a roadblock to accessing Fairness provisions to tax payers like us who had no control over our Tax liability situation. Having no control is clear in our case. The Government created this Tax Liability, The government delayed the Lawsuit 6 years creating 6 more years of Deemed taxes. The Lawyers framed a tax solution within the settlement, that seems to me, worked in they're favor, Meaning it actually created additional income for themselves. The whole settlement in my opinion is a clear (Taxation without Representation) issue.

glad to see you back COD buds yup someone that understands . wish we could have got this point clearly hit home prior to the end of negotiations and failing that prior to the judges decision but I guess avatars on a anonymous website cant compete with a bunch of accountants giving people bad info ore the GOC and law firm giving no real info at all on this subject. but hey a few of us tried are best that's all we could do.

haven't done my taxes yet im a last minuet guy but I did send in my request for tax relief form I was kind of wondering if you were goanna try it again .

glad to see you back

propat

Well its Tax time! Hope some of you saved extra for the tax man. We tried to get the lead plaintiff-the lawyers-even the Judge to see the tax implications for us. they sugar coated this deal and rammed it down our throats. The short lived victory of the settlement now shows its true colors as many 6+ year retros feel the claws of the taxman at their throats. I Just payed over 42% taxes on all this retro. 3.27% top up = tax neutrality lol sarcastically ofc.

I will show my Tax numbers here when all is settled.

yes pbaumer all of the long term guys will have to take the tax in one year 2013.that will mean some will go from the lowest tax rate to the highest witch means they may pay an ADDITIONAL 20% in EXTRA TAXES they would not have had to pay had their money not been clawed back.how the frack can this be fair??yup the lawyers are asking to much for providing their leagal servises but even if they get what they are asking for the will still get less than the GOC will get in EXTRA tax for steeling your money all these years.buds we will all get bent over but we will get a coise take the big one ore the bigger one.

propat

question for us---
from what my accountent neighbour tells me the qualifying lump sum does have interest applied when it is calculated going back but if this all adds up to us having to pay more taxes this way then CRA will then have to accept us taking the lump sum all at once in 2013

so isnt the worst case that we pay taxes all in 2013 &we dont have to worry about penalties going back?

for instance in manitoba the provincial rate is like17% for amounts over $67 grand and the federal rate is 29% for a total of 46%

so lets say i get $100,000. the greedy lawyers worst case is they take $17,830 leaving me with $82,170. then CRA takes 46% of the $82 grand (they will take less cause some of the $82 grand will be taxed lower when less than certain limits) leaving me with $44,371after paying $37,798 in taxes .

yeah i know it isnt fair but at least we can prepare for the worst case which will never be worse than paying all the taxes in 2013?
here are the fed &prov tax rates
http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

remember---
heroes dont attack the vulnerable
heroes dont favour greedy lawyers over their comrades
heroes dont blame others for their weaknesses
heroes know their own limits &stop before they hurt others
heroes dont forget that they serve &represent those who count on them
most of all--- heroes make sure no one is left behind

ok i found the exact rate it is not in the income tax act but in the income tax regulations.frackers hide everything.

4301. Subject to section 4302, for the purposes of

(a) every provision of the Act that requires interest at a prescribed rate to be paid to the Receiver General, the prescribed rate in effect during any particular quarter is the total of

(i) the rate that is the simple arithmetic mean, expressed as a percentage per year and rounded to the next higher whole percentage where the mean is not a whole percentage, of all amounts each of which is the average equivalent yield, expressed as a percentage per year, of Government of Canada Treasury Bills that mature approximately three months after their date of issue and that are sold at auctions of Government of Canada Treasury Bills during the first month of the quarter preceding the particular quarter, and


(ii) 4 per cent;



(b) every provision of the Act that requires interest at a prescribed rate to be paid or applied on an amount payable by the Minister to a taxpayer, the prescribed rate in effect during any particular quarter is the total of

(i) the rate determined under subparagraph (a)(i) in respect of the particular quarter, and


(ii) if the taxpayer is a corporation, zero per cent, and in any other case, 2 per cent;



(b.1) subsection 17.1(1) of the Act, the prescribed rate in effect during any particular quarter is the rate that would be determined under paragraph (a) in respect of the particular quarter if the reference in subparagraph (a)(i) to “the next higher whole percentage where the mean is not a whole percentage” were read as “two decimal points”; and


(c) every other provision of the Act in which reference is made to a prescribed rate of interest or to interest at a prescribed rate, the prescribed rate in effect during any particular quarter is the rate determined under subparagraph (a)(i) in respect of the particular quarter.

i think ill just stick with the prime plus 2% ive been useing its easier to write lol.

propat

Good news K9 keep up the great work, glad your going to keep us informed also let us know what we can do to help your cause...

good man k-9 keep up the great work im with ya brother.anything i can do to help let me know.

propat

I am presently preparing the steps to get the tax issu accepted by the GOC or it will go on as a Judicial review before the Federal Court.

It is an administrative Court that will decide if the decision not to grant the taxes as it should and if the law doesn't permit the Minister to give us that right, it will be to say that the law, tax law is not correct and as to be changed.

What is good about a Judicial review is that one person can have the Court Rule that the tax law under this article is unconstitutionnal or....

And if so that the Minister or the law as to change the article wich would serve all.

Excuse my English, all I will do will be in French but still it will be before the Court and a Judgment/ruling is Jurisprudence so good for all.

I will keep every step from square 1 public.

First is asking GOC-Revenue Minister-and all concerned to give an answer to not having the deemed tax penalties. The answer will more then probably be no.
The it will be to attack this administrative decision as a Judicial review before the Fed Court. With all the Jurisprudence around and what I had before Justice Barnes, it should be possible to have them dropped.

If you want to do the same on your own, it wont hurt but the stronger the case, the less chance to have a bad result. It was always fought before the tax Court and stopped there.

Cheers.

lmao @ navrat kinda evens thinks out dont it.

propat

Yes, Propat but apple shine is going down 6 percent!

great this year nb tax rates are going up by up to 4% just frackin great.

propat

how can we fight it?

heroes dont attack the vulnerable
heroes dont favour greedy lawyers over their comrades
heroes dont blame others for their weaknesses
heroes know their own limits &stop before they hurt others
heroes dont forget that they serve &represent those who count on them