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

Another interesting fact I found on QRLSps, is that only people, who have been paid after 1994. and relate to years 1978 and later, can qualify for the special tax calculation. If I interpret this right, the Vets, that get retro back to 1976, may not qualify for the QRLSP calcuation, and may have to claim it all in the tax year received. If your in this catagory , call CRA, and see what your status is.

sure thing Sapper Zodiac. as soon as i Can

Call of duty...can you post your findings on here for us?
Thanks
Chimo

SISIP will most likely be withholding tax from your settlement. Here are the withholding tax rates, I found on the CRA site.

Withholding tax Rates for QRLSP (Combined all Lump Sum Payments)

10%(5% for Quebec) on amounts up to and including $ 5,000.00
20%(10% for Quebec) on amounts from $ 5,000.00 to $ 15,000.00
30%(15% for Quebec) on amounts over $ 15,000.00

Recipients and employers may have to pay additional amounts when they file their returns.

To avoid this, if a recipient or an employer requests it, you can deduct more tax.

Maybe call SISIP and check your situation out, to see what is best for you.

I am also waiting on a CRA QRLSP specialist to return my call to help answer, some of my other questions.

hey ace good ta meet ya i was a thorn in that pricks side.you can call me thorn if ya want lol.

propat

An ace in the CO's pocket

i was H.

propat

hmmm what coy???

propat

Negative, a Royal all the way , Bosnia August 1992-1993 March

Unprofor, were you a Patricia?

CallofDuty ,

are u saying we should claim in one year only instead of 10/12 years ?
or is it a case of were fucked either way ?

buds i here ya and im with ya ive hered a lot of peeps talk as if i didnt aprove of the deal every time i brought this up witch is not correct.every time i here the judge cant change the tax law it makes me want to scream out no one is asking the judge to change the tax law.becouse ive already said this at least 20 times.im just asking for a sepeate order to the cra not to charge us tax penelties and if he cant a quick brief on the undue hardship this has been on the class.now my letter starts with pleas sir accept this deal.yes he may not be able to issue a sepeate order but im no lawyer so i dont know for sure so i asked.yes they probably will not approve my RC4288 E (11) form but its my 10 minets to waste that should not frighten ore upset anyone.i think we should all send one in who knows some may get through.

propat

FYI- I was the one, that started this thread, but had to quit, as it was too stressfull reading, some of the comments, that were being thrown at our vets. when I logged back in, as my previous name, this thread became Guest.

Its my view, that the taxation, of our retroactive payments,especially, the retroactives, that go back 10, or more years, will be unfair, and excessive, Many, if not all members here have no clue, on how, your returns will be taxed. only that they have adopted the attitude, that they will be treated fairly within the Tax law. or that we all have to pay taxes, and get over it! or the top up will cover your tax penaties. as i have said before, if i thought this was fair I would not have taken years, fighting this in Tax court or going to my MP or researching every avenue, i could to try, and fix the unfair taxation, of retros, that Deemed taxes or Notional taxes, add to your tax return. I am dissapointed that some people come on this thread, and try to marginalize, and belittle people, who may be affected by this tax issue. when they have no clue what they are talking about. If the Judge, can see this issue, maybe he can help us in some way without, scrapping the deal. If not we may need, after all this is over, and the taxation is settled, and you feel as i do, that we have been treated, unfairly, we can get together, and file, under fairness provisions, applications to have these deemed, or notional taxes waived. should that not be successful, then we could all submit a letter to the Minister of Fianace, to have QRLSP Legislation changed, to have only revised taxes charged to people in our cicumstances.

Thats funny i went to 2 Troop oh yeah i went to them . FUN FUN TIMES
CHEERS

CHIMO