Legal Fees (Assorted Topics)

Let's just agree then that the info I found today is a good starting point for people to understand and wrap their heads around what to expect when the payouts start being handed out.

I know that I will be setting an additional 10-15% aside just to be safe. Being safe and squirling the money away by maxing out your TFSA's, put a large amount into one of the large interest savings account for a year won't hurt.

Like they say "Better to be Safe then Sorry".

well i dug through tax laws and got some good info there.i had a tax lawyer explain this to me as well regretably he has passed.you can also find some info on the cra site but you have to dig deep.i still think the best way is to call cra and ask for a speciallist.if you are lucky and actually get one and dont try to give you the runaround they will have the exact calculations for you.

propat

Final, in regards to the two day venue. Is it thought that Justice Barnes will make his decision known of the 15th of Feb via the Halifax Trade and Conference Centre and is that the purpose for the two day reservation? If not, is there a time frame expectation of when the decision will be announced?
Sparrow

I dont think you will get any good answers teen, other than how the laywers fees are handled, thats kinda easy for them to answer.

Yep i went through the BS hoop many times with CRA, and if you tell them something factual, to try to educate them , many times they hang up!

Where exactly do I dig propat?

The CRA agent and I went thru the situation and I asked her about the QRLSP she stated that tax rates, interest etc are calculations that are not readily available to them.

So I guess that's why you're not getting return calls. It sounded like they only pull them out when it is required for a client.

they dont for the moast part becouse they dont know.some do but you have to get to a specialist witch is almoast impossible and they will not tell you either just tell you all kinds of crap you didnt ask for.

propat

glad I can help, bro. I really think these CRA Reps are reading from a basic script, but dont have a clue, what lays behind it. Not once have i heard a CRA rep explain or mention Deemed taxes, or( Notional taxes).

yes call exactly.you explain this so much better than i can.im glad you are here ore id be lost and alone lol.

propat

Nope they wont I've tried its a well guarded secret. Only someone like me or, someone who has gone through this can see the true picture.

ask CRA what the QRLSP calculations are.i bet ya they will not give you an answer.

propat

Teen go to my thread Deemed taxes QRLSP INFO read the 2nd post its a letter from CRA, it details how QRLSPs are calculated. then look at my tax returns it will provided to get a better picture of the Deemed tax effect. I'll also restate it in laymans terms here.

When CRA does a QRLSP calculation it opens your tax years the retroactive payments pertain to. ergo the T1198 form. it does a simple calculation, adding your new income for that year, that income is taxed, in the tax bracket you are then in, and a added Deemed tax is applied , which is CRAs way to recoup lost interest on that year. each year is done that way, and then its carried forward into the current year. CRA then determines if your now better off with the QRLSP calculation or better off to claim all in the current year.

yes ive been their before dig deeper teen.

propat

Propat did you go to the link I posted on my initial post on this topic? It goes directly to the CRA retro lump sum.