Taxes Taxes Taxes

WOW What will we discuss after tax season. Taxes Taxes Taxes, I will be so happy when it's over.  

peep the 1198 may help you yet.

propat

That's about right Peep. The rate of 42% is the highest tax bracket. WTF? This is getting worse by the day. Abnormally inflate ones income= more money for the feds. What a deal we got!
Sap

OMG

I got back just shy of $50,000 and now doing my taxes it says I owe $21,000!

That's 42% tax on the money they gave me!

sorry buds you are right on the royal thing should have said RCR, yup 3.27 % kind of blows goats since I've here'd of some people who have 20 plus and near 30 years of retro that had very little income over that period . as a 5 year guy I look to be ok the 1198 should help a little but for these guys wholly frack. they will have to take this all in one year paying double the rate they otherwise would have payed if they got their money when they should have in some cases paying 45-50% instead of 20-25% they would have. the ones that suffered the longest and got fracked the moat by this clawback get fracked the most by this deal.

I sure as hell cant say we left no vet behind we sure as hell did sory about that guys but when negotiations ore taking place on your future between the GOC that benefits from EXTRA tax dollars and a law firm that gets payed their cut before tax this would be a likely result.

always question authority

propat

Propat,
You are right!
I'm going 1day at a time,

First thing first, wait and see RCA's decision!

Then ........

Thank you for your words,

By the Way we are/were both Royal's, just based in a different province and doing the same job.

But just food for thougts, how the tax gross up of 3 and dust percent is going to offset a 17 percent raise of income.

Imagine some thanking RCA here, It is them who will thank us when we transfer our stolen money back to them.

But the again, we will see and money is'nt what will give us our health back.
Take care my Royal friend!

Patrick buds got a lot of time for you as I appreciate intelligence above all else and you have that in spades. you are one of the few that knew about deemed tax when I first started talking about it quite a while ago ( prior to the start of negotiations) its kind of to bad no one else would listen ore even believe deemed tax existed at the time maybe the deal would have been better. how can anyone be blamed to many came here after talking to their accountants telling them their is no such thing and we are just blips on a screen. kinda rots my socks that accountants are that ill informed these day but I guess you only get what you pay for.

however after all we have been through ( you more than most) I cant believe you trust any decision you make based on talks with the CRA. buds keep in mind everyone has different tax situations. now keep in mind the mean 90 day bond rate ( as you probably well know ) is a key factor in the calculations of deemed tax has been very low since 2008 I think the 5 years is low.

ill tip my hat to you in intelligence and law and maybe even math but buds Im not to bad with the math and by my calculations you got a good chance at the 1198 helping up to 7 years and in extreme circumstances maybe even more.

I could not possibly tell you how many calls I have made to the CRA but believe me its been to many to count. but in all my conversations only one admitted that deemed tax existed and even he would not tell me what the actual calculation were I had to find out for myself.

bottom line be carful who you get your information from!

you ended that post by not now I think I know what that means and that makes me a little sad as I think you would have been the best for the job but after all you have done for vets and all the legal crap you went through fighting this government on vets behalf I really don't blame you.

thank you for your service to us while you were serving and thank you for your service since.

yup everyone put in their 1198

but you should also put in your request for tax payer relief.

you never know if someone will challenge the fairness provisions of the ITA maybe not as unconstitutional but to the provisions in the act do not satisfy its intent.

a small disagreement but one with great respect.

I hope your friend ( even though im a royal lol )

always question authority

propat

The big reason we all get a big hit is that the T5 for the interest was not taxed by Sisip. So if you had 80 000$ of interest on that T5, and are taxed 49 percent total, you will owe the full tax on the interest plus the difference of the 49-35 percent Sisip already witheld!

For the 1198, every one with more then 5 years backpay because of the way the CRA computer does the calculation will en up better in a one year 2013 taxation. This is what I got from days of talk with Revenu Canada. But always fill the 1198 in case someone takes all this to The Federal Court as a Judicial Review saying that this point of law is unconstitutional, never now!

maxed out sounds like you did all you could not sure if the tfsa will help much this year but a great tool for those years to come. id throw in a request for tax relief form but that's up to you. im very glad you saved all your money till after tax time very very smart I did the same. I really hope the 1198 is of some help to you.

propat