TAX SLIP CONFUSION

Bless you Father...wise words from a wise man. I have a tax accountant working on mine and awaiting my t slips. Bought a spousal RRSP. It helps. Claim everything. Get a pro to do it. Its worth it to get through this year. Then we should be fine.
Sap

I would advise that any Sisip retro beneficiaries do not attempt to do their 2013 taxes on their own via paper form or electronic form versus having an accountant who specializes in tax accounting prepare the return. Any other year perhaps but this tax return  year requires a specialist. It is wise to gather all the info in advance as we are doing but then have the professional generate the tax return.

For example, the confusion on what line the Legal Fees are entered. In previous discussions on csat it has been researched and determined that Line 232 is the correct line versus Line 229.
For detailed explanation read the Sisip thread Legal Fee Deductions ~ LINE 232 Other Deductions ~ Legal Fees

You are welcome. I got the box 107 T4A form. What is the box 028 T4A form for. Is the T5 form for the interest on the retroactive money.

thanks firebird just found my letter from mcinnis cooper with all the calculations.
Now i will get my big glasses to read everything
Thank you again for all your help
keep up the good work


oldleftwinger

One last thing , claim legal fees on line 229 or 232 on the income tax return.

1993 fierbird

I have been scratching my head for awhile now over this tax stuff

Here is what I have been able to come up with so far.
Please let me know where I am going wrong.

T4A statement of pension retirement annuity and other income
Report amount on line 104 Other Income
Box 107
You may be able to deduct from this amount any contributions you made to the plan since 1967
I will call manulife and cristine hunter on monday to see where i find out the amount paid for premiums

T4A statement of pension retirement annuity and other income
Report amount on line 130 Other Income
Box 028

T5 Statement of Investment Income
Box 13 Interest from Canadian Sources
You will notice that no tax has been withheld on this T5 so be prepared to pay some tax here.

Still missing the T1198 form which will enable me to spread it over the last 10 years or so

I would really appreciate any input on what I am doing so far.

oldleftwinger

I got it figured out now , the amount on the T4A for retro and the T4A for interest goes on line 104 , as income , and the legal fees came from that money so they are already accounted for on the T4A's as income and they go on line 229 or 232.

Firebird, remember that you get two T4A's from Manulife, for your (RETRO) received in 2013. One T4A is being issued for the gross offset and another for the tax gross up portion of the refund.

The only thing that would need to do with respect to your Legal fees being claimed is to take the number from the invoice sent to you from MC, and put it on Line 232 of your return.

The Legal fees are not reflected in your T4A's, as they were deducted from MC, from your retro, after the final calculations were made by SISIP for your retro.
The Legal fees were taken from MC, from what was sent to them by Manulife.

Sorry , I meant line 229 or 232. So are the legal fees added to the amount in box 107 on the T4A that Manulife sent out , as income and put on line 104, because the amount on my T4A is less than what is on the work sheet. The amount on the T4A does not include the interest and the legal fees.

Sorry , I meant line 229 or 232. So are the legal fees added to the amount in box 107 on the T4A that Manulife sent out , as income and put on line 104, because the amount on my T4A is less than what is on the work sheet. The amount on the T4A does not include the interest and the legal fees.

Firebird, no there will be no form coming with respect to your Legal fees paid.
The amount of Legal fees you use for your deduction will come from the invoice sent to you from MC when you received your retro.
Also the Legal fees paid will go under Line 232.

I received my T4 from Manulife today and the amount of money does not include the amount that I paid for legal fees. Is a form being sent out for the legal fees paid and is it added to the amount on the T4 , both of which go on line 104 on the income tax return. Then the legal fee amount is put in line 129 or 132 as a deduction.

Thank you very much devans

oldleftwinger

Copied from another web site

Manulife tax forms - Updated
Feb 6, 2014



Class members will receive three tax forms from Manulife’s Waterloo office. The three forms are two T4As and one T5. One T4A is being issued for the gross offset and another for the tax gross up portion of the refund. The T5 is being issued for the interest portion of the refund. These forms will most likely arrive in separate envelopes.

Some members will also receive a T1198 form (Statement of Qualifying Retroactive Lump-Sum Payment) from Manulife’s Halifax office. If a member’s refund is over $3,000, a T1198 form will be sent to the member. For Quebec class members, a TP766.2 form will be sent if the refund is over $300.

If you have not received your tax forms by mid-March, or if you have any questions regarding these tax forms, please contact Manulife directly at 1-855-370-0025.

old neer as I can figure you will get 2 t4s from malpractice life one for the monthly payments one for the retro you should get the t1198 from with the retro one if not call them soonest.

propat