Legal Fees (Assorted Topics)

Peep, all it does is tell CRA that the lump sum was for missed payments from past years, and for them to look at what the tax situation for those years would have been if the money had been received when it was supposed to. Then they compare it to this years tax situation, and then to use the scenario that offers the best outcome for the taxpayer, be it a larger tax return or a lesser amount if taxes are still in the red. For me, the best choice will be to change my 2006 and 2007 returns, since at the time all I had was my CF pension and the reduced SISIP, so my actual income was far lower, so the $17000, per year won't make that much of a difference, especially if there are no penalties. This year, I have my CF pension, ELB, PIA and the PIA supp, so even with only 24 months of retro money, the taxes would likely be higher than my yearly income just after my release.

Still not sure what the form does for me propat.

Is it just to have someone look for deductions for you on top of what you have done?

Thanks guys

Right you are propat.

I would fill out the request for tax payer relief it only takes 10 minuets tops very easy but that's up to you.

propat

Ok propat just re read the discription, and you are correct, what a relief, now I will not have to send for the forms, and fill them out, and get them verified, it will be all done for us. Another thing is that having it sent to us completed, this will simplify our whole return, less work for the accountant processing your taxes, or whoever does your taxes. Pretty straight forward, bring your T4 slips, Legal fee receipt, completed T1198, and we are good to go. Did I miss anything ?

Omg I hope there's not an app for the t1198 completed forms from Sisip ltd!

Thanks propat, that is awesome news, save us from having to go through all of our SISIP calculation sheets, as mind does go back quite a few years.

yes buds every company issuing retroactive lump sum payments are required by law to provide them completed as the issuer to the issue (that's us) in the same timeframe as t 4s of the same year. so im guessing if they are sending us the forms they will fill them out. im expecting them to come in the same envelope as sisips t 4s.

propat

Are you sure propat ? cause that will simplify things significately.

yes trooper they will send it completed.

propat

Navrat, the way I understand it, is that you complete your taxes, as per your slips, claim Legal fees, and yes send out the T1198 with your completed return.

yup but you should print out the whole return just in case.and make sure you have a good supply of ink lol.

propat

propat, do you think SISIP will send us the forms completed ? I know that the way I read the information given to me in my retro package, only stated that Manulife will send you the T1198 form in February.

Paper return this year but troop and Propat if I understand what you are saying is you just do your taxes, maybe get a ufile windows addition, not efile, just print it out, attach form t1198 and send it in! And wait !