FRINGE BENEFITS: CLASS ACTIONS FOR MARGINALIZED PEOPLE IN CANADA

Hi Teen,

No, it was just that i'm tired to see people do some calculation with just the soustraction numbers. I take the example already done with just the minus and put some additions numbers in it, to show when you do calculation of all the settlement, you can regain some taxes by putting money in REER, and if not but you will have the return taxes from the lawyers fees ( this number everybody who calculate the just minus always forget when they said they lost 58% or higher percentage ).

Nobody at this time can do a real projection because we don't have the calculation sheet, the best thing to do ( and i will do it ) it's when i will received my cheque. Put it in a bank and talk with a taxes specialist ( fiscaliste in french ) to just know how i can lower the taxes impact of this amount of money. Not my bank manager, she will want to sell her products she know some about taxes........... but a real tax specialist will be better. and i don't think we have a taxes specialist here. So i will wait............. and be happy with the settlement. It's time to go forward with this issue.

That's why i write the post


Grosgig ( vandoos)

Grosgig your numbers are off

SISIP is going to hold back 30% of your $164,600 as per tax law. That's $49380.

You will get a sheet from Manulife (SISIP) with the $ amount you should have been recieving over the years for each year. I would say they will re-do all your tax returns. This will lower the tax hit from your retro pay as instead of paying taxes in one lump sum at a high tax bracket you will pay taxes on the LTD at a lower tax bracket.

Now when you do your tax return for 2013 you will take the lawyer fees ($35400) and deduct it from your income for 2013 (this amount will not be the total retro as your taxes were redone).

So after deducting the lawyer fees your taxable income is lower so you will get a very decent tax return for 2013 BECAUSE SISIP with held $49380 from your retro payment for tax purposes. Your T-tax slip from Manulife will show the $49380 in the "income tax paid" box.

So not a bad tax return for 2013 and this is before you contribute to an RRSP.

I don't think so, Georges. I will read the posts here to see what have happened. Too busy now. But if they can put it in visio conference in QC and each provinces ( just an idea like that ) it will be awesome. we are a lot of people. i don't know if MC with the help of the legion can arrange that ( room+visio device location+ agrement of the judge). Some of us cannot do the trip due to our health problems.

Grosgig ( vandoos)

Grosgig good to hear from you think you wil make it to halifax in two weeks?

it FLEW by sparrow.

propat

No thx, i saw it Sparrow, it just that i want to people to go forward in a positive way, some people just see the minus in the settlement but they forgot some numbers like the deduction of the lawyers fees , putting money in programs that governement also put an amount into it too. it's time to go forward and search for those programs.

like if you have a house, sometime (i think it's finish now) you do some renovation and a certain amount was deductible. (For those who had to make some renovations) little things like that.

i know some provincial programs in QC but not in anothers provinces, so i think if someone find or know some programs fed. and prov. we can help each others.

Grosgig (vandoos)

49 in Feb. gosh where did the years go by....

I just want to stay younger than 49.

thats true sparrow you really want to be 49 ore younger to go this route.

propat

Grosgig, this is further to the RDSP. You likely know but hey, I put it out there for review. Cheers

Just some further info regarding the RDSP option. I discovered that there is a fact about this plan that most may not be aware of. At first glance it seems like it would be a great option due to the governement grant contributions however, in reading the fine print, it states that the government grants are only paid up until the benefitiary turns 49 after that the grants cease. I originally took it that 49 years of age was the cut off date to open a RDSP which is correct however, the grants no longer are applied after that age. Secondly, the money must be locked in for 10 years otherwise penalties and return of grants applies. Just a little info hope it helps. This program was designed for long term savings for the benefit of a disabled person or family member and not in the case of this settlement funds et al.

Grosgig, I agree. I posted about the RDSP a couple of times. There are some negatives regarding that program. If you want I can repost the facts. Let me know. Sparrow

So i will continu the example

So lets say 200 000$
Less 17.7 percent fees. - 35 400$
------------
164 600$
Less 48,2 percent tax. - 79 337$
--------------

Total left after fees, 85 262$

I take REER and bought years i was not able to contribute maybe 20,000.00 $
In tax return (approx 30%) i will received 6500.00$ for provincial and federal

So recapitulate:

i got 65,262.00 in my bank account
20,000 in my REER ( for my old days )
+ 6500.00$ in taxes return for my REER + the taxes return for the lawyers fees.

For those who can Registered disability saving plan can be also a thing to think

so the best, contact a good financial guy, he will check with you to make your taxes the lowest possible so you will have some tax return for that amount., or contribute to certain plan who the government give an certain amount of money into it too ( like Registered disability saving plan) So you will be able to have little amounts of extra money from your money. It's better than nothing.

For the fathers you got REEE ( sorry acronym is in french)for your child when they will go to University, again depend of the amount you place in it federal gouv place some money in it too.

It's not the time for crying, but helping each other to make our amount of money grow a little bit.

we can see an empty half glass of water and cry that is not full or we can see that he is half full and try to fill it.

Grosgig (vandoos)

propat, are you referring to the NVC? If so, I agree wholeheartedly, a disgrace to all soldiers, veterans and Canada. I am on board with seeing that through to completion as well. Sparrow

Nice to meet you as well expara.

ya sparrow we are ok with the dva pention as they are pain and suffering awards so they cant be taxed.but of course the did something better than any tax and made it a buyout those frackin a-oles.well they will lose that lawsuit to.

propat