Taxes or fees, media need to go one way

mfors, yep its based on dollar amount and not time factor, hence the 30% starting point

the reason why i said" is my thoughts out to whack" because if this case only did last 1 year would lawyers only be asking 13 000 000 ???? wacky side me thinks they still be requesting 65 000 000 because its based on dollar amount they won and not time factor

mfors2222 In a special way called loyaulte you are very right, my last law suit costed me 30% And I ony got a fraction of this time around. Never the less I still fiel like it's not honest on the part of the GOC not to pay.

I AM SO OUT TO WHACK < SOMEBODY PLEASE CONFIRM MY THOUGHTS OUT TO WHACK i give chocolate candy bar

i think we as a class should pay fees for how long this case shouldve lasted like 1 year.... since goverment made lawyers work for extra 4 years let them pay for the 4 years.... we as class pay 1 year, goverment pay 4 years... take 65000000 divided it by 5 years and thats what we pay 13 000 000 this case shouldve not lasted more than 1 year

Tax Department should calculate a table to allowe us to claim over all years with a percentage add in for each year of retro to blend it over the would term up to 2012. Also should be a second option to roll majority of it over into a RRSP with or without room. The RRSP role over may be easiest way for Gov to do it and live with it.

Gentlement, after all that has ben said and done, do you trully beleive the GOC would set themselves up for a follow up law suit Would MC accept that situation for us? trust gentlement trust

Propat is right, they did look at the tax issue. That is where the 3.27% came from. But unfortunately, since this is calculated off the base principle, it will hardly cover the legal fees let alone any deemed taxes. For me, if I choose to claim on it on past years, I will be owing over $5000 for past taxes in each 2006 and 2007 plus penalties, but the tax top up only equals $1137, but because it is part of the award, it also gets taxed, so I'll likely only get $800 of it.

If I choose to claim it all in one year, according to a 2013 income tax calculator, I will owe $37000, even with the legal fees deducted, so even if they withhold 30% ($13800) for taxes from the settlement, that will leave an additional $4000 to come out of my pocket at tax time. I will have lost 57% of the $46000 settlement by tax time.

So in either case the 3.27% does absolutely no good to alleviate any tax consequences, it's just a matter of which way do we get screwed less, and I'm sure it will only be compounded for those with larger settlements.
Now don't get me wrong, I have no problem paying my taxes, but don't try to snowball by saying that this 3.27% is going to make a difference.

georges yes but that if im not mistaken has been there since long before the negotiations ended so im not sure what it means anymore.

propat

in the FAQ section, f would surprise my that this situation would be left unresolved. It's to dam stupid even for theGOC!!!

I Noticed also that you had a Bankruptcy, In one of my letters from CRA I believe it said, to qualify for the special calculations you needed, to not be Bankrupt. better check that out too.

where did you see this im on the site now and cant find it.

propat

you may be ok Sapper, but, a good accountant cant hurt.

Chimo

I went on the site Leave non vet behind. There is it stayted that they are looking into the taxes issue. Hope they fair well.

Through the years, I have tried a few paying jobs but never for any length of time. The income I had was my CPP-D. Not much. About $7000 per year for my share. Also I had the DTC. I haven't made a lot of money since my departure from the military, so maybe this won't affect me too badly. Also I was released with Private Trained or Cpl 1 pay?? Pretty little income at 75% I was just about to put another hook up.
Chimo