Legal Fees (Assorted Topics)

that is correct no having said that I asked them do a review for me early when I got my cppd retro they told me ide be better off to take it in one year. when I got around to filing my return I efiled. with the return I recived back their was a note.

we have noticed that an amount claimed on your tax return was from past years so we conducted a review to see if it would be more advantageous to you if we were to adjust your past years taxes. as it is more advantageous to you to take it in one year we have made no changes. ore something like that.i think they review every return for everything lol.

propat

Here you go Rex.......

You cannot use EFILE Online or EFILE Online Plus to file an amended return or a return for any year except the 2012 tax year. In addition, you cannot file a return electronically in any of the following situations:
a statement of qualifying retroactive lump-sum payment (T1198)

This info is from CRA.

Rex, that would be awesome if the forms arrived completed, that is a good point, and one we must look into.

As far as e file goes, I thought I read that, you cannot use the e file when sending in the T 1198. I will try and find it and post it here.

sory bigrex last time I looked you have to send in the form with a paper return.

propat

They have said the forms will be sent in February. Therefor it will mostly be completed by SISIP before mailing, or else they would simply direct us to the appropriate website to print one off ourselves, and save themselves the cost of postage. Then all we have to do is sign it and submit it with our taxes. I wonder if there is a digital version that can be attached when E-filing a return, since I just cannot bring myself to go back to H&R Block to get gouged again, since the last time I went there, all they did was plug the numbers from my T4's into a program like Quicktax and submitted it, and then charged me around 10% of my return.

I will now edit this post to reflect that, yes the T1198 form will arrived completed, at least that is what the discrption say's.

nav check the agreement and final court order you should find it there.

propat

Trooper, the form says it's not a choice , the payee must fill it out, I wonder if we can get an official response from Sisip or MC . What kinda of bugs me is MC has a tax lawyer division and could easily answer these important questions , remember we paid for there services

Navrat, the form is filled out by either the payee, or the recipient, in out circumstance, we fall under the recipient, therefor, we are responsible to complete it and send it, along with our taxes. I am going to request the T1198 form, and will proceed to fill it out, when I have it verified, that it is correct, I will post the info here, for all to see. This is not a complicated task, but it may take awhile to perform, as I want to make sure I got it right, When I file my return, I will have the form completed, however, I will have my accountant look it over, to ensure that it is all in order.

they are suppose to send it nav.

propat

Thanks guys, but I just read the form on CRA and it states this form must be filled out by the payee, that's sisip , does anyone know if they are sending these to us

Navrat, there is no extra tax, look carefully at the examples that I have provided for you, no extra taxes, if by the CRA going back to tax each of your previous years, as if you were to receive your retro,  in those years, and the CRA concludes that in calculating in that manner, results in you owing them $200000. Guess what, you will not owe them nothing, not one nickle, they will simply conclude that your original tax return is more beneficial to you, and your original tax return will remain unchanged.
In other words taking the step of completing, and submitting the T1198, will give you and opportunity to see, if you can benefit from it, in other words more money in your pocket. There is no penalty, and or penalties, in completing, and submitting the T1198. However if you choose not to complete it, and send it along with your taxes, you will loose out on any money that may be found, to be owed to you.

I just read the form on the CRA site, the form has to be filled out by the payee, sisip ltd, is sisip going to send us one or are we going to have to chase them

nav the form is just to allow revenue Canada to conduct the calculations they cannot ore will not redo your past returns without your expressed permission. if they say you are better off taking it in one yes as you will owe less then do this and their is no deemed tax added for that.its only if you chose to take it over past years deemed tax is applied.

propat

All I can say boys is.