Legal Fees (Assorted Topics)

Hi propat, I hear you, however I had and accountant verify it, with a certain CRA employe. If what your stating is fact, and they proceed with any tax penalties, on my retro, we have the persons employe number of which assured this, so I will redress any penalties given to me, I also was quite concerned about this in my conversation with this accountant. The accountant was so sure that I would not be penalized. she said that she will cover any penalties that I  may receive.
So that Language was good enough for me. The accountant also specified that in our situation, meaning retro from the Law suit, any attempts to penalize by the CRA,
would be against the Law. So if any members want to find out for themselves, if penalties apply to them,  they would have to ensure that they specify exactly what is the retro, where does it come from, and why have you received it, when making their inquiry.

trooper they are full of crap period! they are either clueless ore are misrepresenting what their calculations include by playing with words ore in fact flat out lying to you im not sure witch.the fact is they will charge what they call deemed tax if you take this income over the past years. on the phone they tell you they will do special calculations to see witch is best for you but don't mention that part of those calculations are deemed tax witch is approximately.

22] This interest component of the notional tax was to be calculated using the prescribed interest rates for tax refunds, i.e. the interest rate paid by the Minister when refunding tax to a taxpayer. Since October 1, 1989, the prescribed rate for refunds under the ITA has been calculated as the 90-day Treasury Bill rate plus two percent (Income Tax Regulations, C.R.C., c. 945, s. 4301). Since January 1, 1987, interest has been computed on a daily compounded basis (ss. 164 and 248(11) of the ITA).

propat

Great info Trooper
I made notes.

Widow of Veteran

Legal fee / Disbursements / GST/HST and PST ( if applicable ) The total amount should be reported as a deduction in calculating your taxable income for 2013 on Line 232 of your 2013 tax return.

In February of 2014, you will also receive a CRA form T1198 statement of qualifying retroactive lump-sum payment directly from Manulife. You must file this form with your 2013 tax return. the CRA will determine if it is better for you to claim all of the refund in 2013 or spread the refund over the years that it should have been received.

On a personal note regarding tax penalties, I have gone through great lengths with supervisors of CRA who specialize in retro lump-sum payments. I have gave each one of them information with respect to our Law suit. Each and everyone of them has assured me that no tax penalties will result from this Lawsuit. They assured me that each and everyone of us who are involved in the Law suit, and are given retro payments, regardless how back it goes, will not be penalized.

It is a well known fact that each and everyone of us differ when it comes to filling our taxes. Tax situations vary from one to the next. One member who received his retro, already spoke with and accountant, to guide him in the right direction. It is nobody's business what we choose to do with our money, however if I may, I would like to suggest that for piece of mind, members put a little aside, to prepare themselves in the event that they owe money come tax time. Again just a friendly suggestion on my part, just trying to help.

Why not NCM's did all the real work anyway.

Yes it did, I only believe NCM's should pay taxes, LOL,

I know Navster it happened to you last year at tax time as well remember!

F---, tax revolt, taxation without representation is not fair! I get the shakes thinking of this tax year

Let's go on a tax revolt!

I think that going after the government to pay for our Legal fees sounds good, however I think that it would be very difficult to achieve, for the following reason : Once we claim the Legal fees for our 2013 tax return, the full amount of our fees payed to the Law firm, will now become difficult to obtain, as many would benefit from claiming such fees on our tax return, as this lesson the impact for each members tax return, with respect to the amount of Legal fees payed, to the Law firm.

What about bringing it up with the Liberal from Scarborough, Jim Karygiannis? What about the NDP party they say they want to do right by the veterans let them prove it.

That's a great idea...we can't let them get away with this. Obviously, someone had to pay the fees...it just wasn't right for the GoC to force us to do it. This might be a good thing to bring up to other political parties and have it addressed in parliament...see what sort of BS the harper bunch tries to pull off.

Has anyone gone about to have our legal fees returned to us. I'm sure there must be plenty of you thinking about this. I for one now that if I was taken to courts by the government and was found to be legally guilty. I'm sure I would have to pay a penalty. Or is the GOC stand for Government of Conservative or Government of Canada. Or perhaps some of you have a few cards up your sleeves and just waiting for this to settle a little. I know for a fact, not all of you will keep quiet about this.
Now what lawyer firm do we proceed with this.

Best Regards

Ooh, there they go...all the touchy feely stuff...get a room guys. lol

bigrex wrote:What's wrong Robbie, don't you want to hold my hand like the pic of Nav and Supreme? Where is the love? Lol.

LOL Spread it boys! The love that is!