FORM RC4288E Request for taxpayer relief (Assorted Topics)

peep wrote:This is a big load of crap!
Sent my taxes in the mail today, so they will be postmarked in April as suggested here.  Then checked the mail later and I have new 3new T4A's and a new T5!
Great.

I would simply forward them to the same address you sent your tax return to along with a letter and a copy of the tax return previously submitted today. CRA will make the necessary adjustments with the amended tax slips. Put something in writing and get some confirmation that you sent it. Also include a copy of the letter memo Manulife sent with the amended tax slips as proof. Keep a copy for yourself.

WOW

propat

 

This is a big load of crap!
Sent my taxes in the mail today, so they will be postmarked in April as suggested here. Then checked the mail later and I have new 3new T4A's and a new T5!
Great.

 You are all crazy. LOL

ya guys I did the math many different ways with lower taxable incomes in the past than this year boys it CAN help you past the 5 year mark. I don't know where they are getting the 5 year mark maybe a pre 2008 generic response. anyway from 2008 on the bond rates have been low . deemed tax is based on the bond rate so over these years deemed tax has been low. yup still compounded so that sucks but the 1198 is more helpful now than it ever was due to the low deemed tax. everyone's tax situation is different so it will be more helpful to some than others. make sure you get them in.

propat

I would agree with Rifleman, everyone has there own income profile for the years prior to 2013.

We must also take into consideration that this sending out of the T1198 is not something that most of us have experienced doing in the past.

I did read where someone has stated that the notional interest is not always applied when the CRA does the calculations, this is of course not concrete, but perhaps wishful thinking and or may prove to be possible.

However I do think that once individuals start to get their results from the T1198, and post their results, yes or no, with some provided background, such as a rough taxable income, and or incomes for those past years ( high or low) no need to provide figures, and how many years involved, I do believe that this type of info will give individuals a better understanding of what chances they have from benefiting from the 1198.
This in my view will not determine any individuals outcome as there are many factors to consider, but may give us a better understanding, or at the very least, give us more info on the matter.

I believe you'd benefit more if you had non refundable tax credits from those prior years and they weren't used, so when the retro gets applied for those years, those unused tax credits eat away the taxes owing

It makes sense that someone already having a high income in the prior years would not benefit because of the deemed interest

That's a load off bull I know for a fact that the 1198 does help people who's retro was more then 5 years everybody taxes are different

True. This form does nothing if you have a spouse who has taxable income . As for tax payer relief I was laughed at by the telephone agent as she told me everyone would like tax relief. You are all paying

So if you made a lot of money or your retro stretches back more than 5 years it's of no value

After having listening to the views on this site I called revenue Canada and asked to speak to a manager regarding these form t1198 matters and how they are applied. Straight up answer! The only way a form t1198 will benefit you is if your previous tax returns were taxed at a lower rate and the farther the retro goes back the tax penalties will all but destroy any benefit.

Yes , I know. Now I know what you are referring to. They took there percentage from the gross amount and then after taxes where removed they took the amount that they calculated off the net amount.