Legal Fees (Assorted Topics)

Sparrow, help me here, I think John Deere aka colzula s at it again

John Deere, you can't get better info than the Hamilton legion, period

Ufile.ca tax calculator does not lie, you enter your taxable income and depending on your province, it calculates the tax, check it out

John Deere , I will hand in my Hamilton Legion Id if I am wrong!

Red fisher, who said 107000 interest?

It will have cost of living and lost interest applied to the amount:

1.Cost of living adjustments is about 19% total over 10 yrs ....
2.interest rates on GIC for the last 10 yrs average 2%/yr total of 20% ..

Neither of these are compounded!

For Conservative Calculators allow 50% of that amount it is still almost a 20% increase in the amount owing!

Applying tax deductions at the time when we should have received the money will decrease the taxable payable and legal fees at 20% and deducting that fee paid will further reduce amount paid!

It is still between 80-90% in our pockets depending on the personal situation and tax rates...

No one really knows the deal no one really knows the numbers but i will give my left testicle if i am wrong about it NOT being 60%! It will be closer to 80-90%

Personally I believe that the Law Firm will not get the full 30%, but more likely be around 20%. As for the Taxes, if you had received the payments originally, your taxes would have been lower due to being under a specific amount of yearly income. That's the taxes that should be paid and not because the large lump sum puts you into a higher tax bracket. This may be the best solution especially if we have to pay income tax on the money. Then the money that is left over, calculated for componded interest and CPI over the years up to the time we receive it.

Just a thought and by the way Merry Christmas all!

Compound interest? Really? Presently for saving accounts the banks in Canada are giving approx 1.35% interest. It does not matter how much you add compound interest it still does not add up to much.
Do you really think the GOC will allow us to get more than what the bank is offering in interest rates, I think not. Goto this website for a compound interest calculator and find out how much you may be getting in interest. http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php#results
Based on your figures, with a cost of living adjustment of 1.5%, the total interest you would recieve is $22,292.59. Not the $107 000 you came up with. There is a bit of a difference in our numbers and I feel I am being more realistic not optimistic.

well buds all the money they allotted for all thoes fighters can only by one now so they are gona use that money for the second one lmao.

everyone needs a wingman

propat

Has anyone reminded the GOC that this is the season of giving, and maybe instead of sending all that cash overseas for foreign aid they could take a chunk and cover our legal fees, help us here at home

well buds we really should have got a questioneir with our letters from the firm way back with a bunch of multiple choice questions so they could get an idea of what we would like ore expect.you know something they could put on a single spreadsheet for reference but anyway its spilled milk now i guess.who knows could be a verry verry verry good deal yet lol.

here is hopeing

propat

Thanks , Propat

This is something the law firm should have given us a better understanding of, the income tax implications , most of us have never received a large settlement so maybe in the beginning of negioations we should have made it clear we wanted at least 100 percent of what we were owed in pocket. The GOC had loss I doubt if we would have put our foot down they would have given , sometimes you have to gamble, know when to hold them and when to fold them

yes navrat but we dont know if there is anything elce in their either im not peed about it right now nore am i relived ore jumping for joy the time for that stuff is comming soon not soon enogh for any of us but it is comming.try and keep your emotions in check and have a great x-mass if we need to continue the fight we will know soon enough.and hey nav santa is comming ya never know what he might bring ya.

have a great one buds

propat

I know we had to pay taxes on it as we would have but the taxes all at once are huge, I hope I am totally wrong and can put my head between my legs but I am getting the accountant at the legion saying this, his words math never lies, what did you expect , of course the law firm is getting 30 percent, and he said with the legal fees being tax deductible , if you deduct 90000 in legal fees only 15 percent of this will be knocked off your taxes. Propat, you are right, I don't know what exactly is in the deal, but we know what is not and its not legal fees or damages, so without those alone, this is a 50 cents on the dollar deal