Stay on top of the CRA !!!

Robbie since you seem to have everything else all but sorted have you done the ELB PIA and supplement thing yet.

propat

well thanks a ton Navster will giver a go

RR, some news from my night out with the legion boys, if I remember correctly and clearly, at my age this cant be good but that's another story. You have been approved for DTC going back ten years, if you want your assessment for those years done faster go to MY ACCOUNT on CRA website, go to view returns, at the bottom of each page there is a link that says CHANGE RETURN, press this, go to deductions and enter the DTC for that year, go thru the steps, press enter and a computer reassessment will start, go back and do the same for each year you get the DTC, ten years, this will put all these years in reassessment and will take only 4-7 business days to complete, after that a electronic reassessment will show for each year for the new DTC return and like magic the amount will go to direct deposit, easy peezie, Now where the hell is the tlyenol

No worries Robbie, I was not offended. I merely want others to be informed. There has been a ton of concern over the use of the 1198 form this year, so I don't want anyone that will not require one, worrying about it next year as well unnecessarily. That being said, everyone getting the 4 months of ELB retro, should include the base amount of CPI from SISIP, regardless of the amount, because the form states that if you have several sources combined, equaling over $3000, to submit them all on the form.

Good one

This could happen to us too. CRA blunders and misnomer of our 1198's.
http://www.cbc.ca/news/canada/ottawa/revenue-canada-to-pay-student-17k-after-tax-dispute-1.2633994

I am sorry Rex I know you got it wired sound buddy no offence intended

Unless someone receives a minimum of $3000 from this decision, they will not require an additional 1198 form for next years taxes.

From the 1198 form

"Generally, a lump-sum payment is included in income in the year when the recipient receives it. This may
result in a greater tax liability than if the payment had been received in the year or years to which it related.
A special tax calculation is available to individuals who receive QRLSPs that relate to any year after 1977.
The calculation applies if the total of all principal amounts that relate to prior years (after 1977) from all
QRLSPs is $3,000 or more.

If you are the payer of a QRLSP, complete this form to help us determine if the special tax calculation is beneficial to the recipient.

If you are the recipient of a QRLSP and if the amount shown under "Total principal (prior years only)" is $3,000 or more, attach Form T1198, Statement of Qualifying Retroactive Lump-Sum Payment to your return for the year of payment to ask for a special tax calculation. If you have more than one QRLSP form, add the amounts shown under "Total principal (prior years only)" on all your forms. If the result is $3,000 or more, attach to your return the QRLSP forms that payers have given you."

hey Robbie It seems to me bigrex is referring to next years CPI as amounts less than 3000 do not qualify for QRLSP calculations.

I do believe it to be a bit more complicated than just a figure of 3,00.00 Rex. So many variables that include notional tax, deemed taxes, what is computed as income versus taxed income and the list goes on. I have read the RLSP rules and regulations and even those regulations need a calculation process just to get to the next set of regulations. Generally the RLSP does not help the average Canadian Tax payer, having said that the SISIP CLASS ACTION PAYMENT PROCESS is essentially the first of its kind in Canada and most will have to wait and see if the T1198's will benefit them. Having said that when you are dealing with low income veterans that had no other source of income other that a reduced CFSA Pension or even a CPPD Pension it may very well benefit those in that situation. All I can say is good luck and let the chips fall where they may.

The 1198 will only be required if this additional money is greater than $3000. Some class members may get this much, but they are probably in a small minority.

This will never fecking end I will probably be dead and the wife will get a t1198 in the mail LOL

Correct Nav...feckin T1198 comes with the CPI settlement. Practice makes perfect...
Sap

CPI

Amongst other phrases as well Nav .....imagine how much our vocabulary has expended since this class action and not just the swear words.