Legal Fees (Assorted Topics)

Thanks Carver, as I have no employment income.

Sent questions off to Dan Wallace Trooper will advise.

MR Carver.

Thank You.

Cheers
John.          

Thanks Carver, I only have two questions 1. Has the act been amended to reflect that ? 2. What do they refer to when stating  employment income ?

Mr Trooper.

It is my belief, that CRA will always revert back to it's own tax policy. The CRA Policy in the regard to Legal Fees is Clear.

Even if we were to receive a comfort letter.

CRA will not change the CRA Tax Policy just for us.

Actually the Tax Policy favors us more than any comfort letter ever could.

Respect.

Cheers
John.

EVERYONE COPY AND PRINT THIS LETTER OFF AND ATTACH TO THEIR 2013 INCOME TAX RETURNS AND KEEP A COPY IN YOUR RECORD FILE AS WELL FOR FUTURE REF. AND IN NAV'S CASE ~ FRAME IT AND PUT OVER YOUR TOILET!  

Thanks Carver. That pretty well sums it up that legal fees will be deducted dollar for dollar for tax year 2013

Thanks for sending that email Carver, I am with Sapper that this should have been looked after last year. In my opinion  they should have included the results of what resulted in that comfort letter. In other words what is going on with that request letter. On the other hand I was also told that the CRA is extremely strict when it comes to claiming Legal fees. I am having a hard time getting clarification on rather the special circumstance were indeed requested, and or if requested, what were the results. Maybe it's a situation where a decision has not yet been made, who knows, anyhow regardless of the outcome, I have decided to claim the full amount of fees paid, knowing fully that they may be rejected. I am anxious to hear what the response will be from Carver's email.

Teen me old Mucker, could not have said it better myself.

To all of my military family, please try to have a little faith, we will sink or swim together. However in this case we are on dry land.

Cheers.

again LTD is an insurance program not a retirement allowance or a pension benefit.

The legal fees are the result of retrieving "income" not a benefit or retirement allowance (severance pay).

That said the legal fees should be a dollar for dollar deduction off your income for 2013.

PS if any one needs clarification of this policy I can provide my number.

Cheers

I'm going to claim the full amount of legal fees, as allowed by the CRA policy. unless you have a really screwed up income situation, the legal fees are allowed.

Cheers.

Line 232 - Legal fees
You can deduct your expenses in any of the following situations:

You paid fees (including any related accounting fees) for advice or assistance to respond to us when we reviewed your income, deductions, or credits for a year or to object to or appeal an assessment or decision under the Income Tax Act, the Unemployment Insurance Act, the Employment Insurance Act, the Canada Pension Plan, or the Quebec Pension Plan.

[b]You paid fees to collect (or establish a right to) a retiring allowance or pension benefit.[/b] However, you can only claim up to the amount of retiring allowance or pension income you received in the year, minus any part of these amounts transferred to a registered retirement savings plan or registered pension plan. You can carry forward, for up to seven years, legal fees you cannot claim in the year.

Cheers.

Sent off emails to law firm just now in ref to class counsel has indicated the following in their "Memorandum of Fact and Law" on page 32 para 150     "Finally, Class Counsel sought confirmation from the Defendant that Class Members would be entitled to a tax deduction for any reduction made to their Refund on account of legal fees and disbursements. The Defendant has agreed to ask the CRA whether they can provide a comfort letter on this point. Therefore, I inquired on the status of above ref "comfort letter".

what are you a facking igit lol, do you think Rory is well you know lol