Legal Fees (Assorted Topics)

trooper that's great everyone should fill out the form along with the request for tax relief if you wish as I am . will they get whatever they want? probably at least right away . but I for one am gonna make them work for it.

always question authority

propat

Has the legal team and/or Justice Barnes made any provisions to educate or inform CRA of this class action situation and how to deal with it internally with regards to the T1198 and processing of tax returns. I just hope whoever does the calculations is better qualified than an H&R Block service.

There is no doubt in my mind that I will be taken a hit on my 2013 tax return, even with claiming Legal fees, my income is just to high, so I am prepared for it, no surprise to me. I will be sending in the completed T1198 form along with my return, hopefully the calculations from the CRA , will result in a refund, if not well at least I tried, and will be completed for the year, tax wise.

nav just make sure you have enough tucked away to take the hit in one year if the QRLSP calculations can help you in some way that's great if not you will not pay more than the one year hit. so no worries buds.

propat

here is something from the human rights tribunal;

pleas read and enjoy.

http://chrt-tcdp.gc.ca/aspinc/search/vhtml-eng.asp?doid=1008&lg=_e&isruling=0#998917

I got well over a thousand hours studying the possible tax implications of this deal long starting long before this deal was signed there is nothing I posted here I haven't read and reread at least 20 times.

if your tax guy cant figure the tax act at least as well as a 20 year infantry cpl FIRE HIS ASS.

always question authority

boys this should be enough but if not I can do this all day

propat

some more home reading if you will.

http://www.taxmentor.ca/av/2008-0264231E5.pdf

propat

frack boys pleas read this article from the Canadian tax journal; heck while you are at it get your accountants lawyers tax guys ore whoever to read them while you are at it get them to read the tax code that would be a novel idea lol.

  http://www.ctf.ca/ctfweb/Documents/PDF/2010ctj/10ctj1-frankovic.pdf

ask your guy what exactly are the special tax calculations as referred to in the act.

if he cant tell you exactly what they are find someone elce THIS IS TO IMPORTANT.

PROPAT

To make it simple, just keep in mind that the CRA will not reassess you for those past years. I do not know how to be more clear on this. ( NO REASSESSMENT )
Does reassessments exist within the CRA, absolutely, don't get confused in thinking that just because they exist, that you will be reassessed on your retro, these calculations are done to help individuals who received retroactive payments going back in years. That is why if and individual decides not to send the T1198 form along
with their return, and it turns out that by doing the calculation, will result in a refund, you have now lost out on money that is yours.

Example : Retro amount $100,000 over 5 years. Complete your 2013 tax return, you will claim that $100,000 as you received all in 2013. Now your return is complete.
If you choose to send out the completed T1198 form along with your return, the CRA will calculate it as if you received it those years.
Example : Let's say $20,000 per year, they will calculate each year to see if taxes owed are of a lesser amount, (NO REASSESSMENT) just calculating retro going
back, if a person had little income in any of those years, the calculation may prove to be lower tax payable in those years, The calculation in this case
proves that the CRA will issue a refund for $8500. So if you sent out the T1198 you will receive a cheque for $8500. If you did not send out the T1198, you
will not receive anything in regards to the T1198. It's as simple as that.

This all feels like the calm before the storm. I hope tax time we can breath a sigh of relief rather than have to pay back a lot of our money.

Propat, I am scared of all this information really, I count be in the position of owing like 50000 or more , so I am going to follow the accountants advice, he's doing it, and he seems to think I won't be penalized but who knows

Thanks Sparrow

nav ask him: what exactly are the QRLSP calculations.

propat

Guys, I talked to my accountant and CRA does not reassess your taxes for prior years, they only do the calculation of the retro added on to those previous years, and also all interest paid to you has to be declared this year, only principal of retro is calculated back. He said if they reassessed all your income tax returns going back because of the retro , than any child tax credit, GST credit etc would be recalculated that's why they don't reassess , trooper was right according to my accountant but if they do decide to reassess which they do, then the added retro if you did spread it back can be added and this will result in a huge tax bill

I really appreciate all the collective information on csat by you all and I can not imagine this process without it. Well done and thank you.

You can find it here F foundry...no spaces
http://www.cra-arc.gc.ca/E/pbg/tf/rc4288/
if this doesn't work google RC4288 Request for Taxpayer Relief