T1198 (Assorted Topics)

After checking in CRA's my account, found out the 1198 worked good for me!
Don't forget that all the interest are for 2013 and couldn't be applyed on retro.
I took my max of RRSP or REER in french. Didn't have much income all those years!

Don't know yet for Qc tax but still, it's not bad.

So yes for some, the sun might be brighter then for others but let me tell you all the money in the world is worth nothing if you don't have the health that goes with it!

So the best is to do the most with what we have, now, and take a day at a time.

By the way, haven't wrote much in last months but always reading you all, are some going to Ottawa on the 9th of May?

P.

I think I might need to cam up soon

Digger, I just start crying and banging my head against the phone, they then pass me over to the problem resolution centre, then I shout into the phone , Forget about it, how bout my cousin angelo drops by your tax centre and teach ya the form 1198 shuffle

Digger, when I get through I can press *0

I just get busy or it just cuts off.

peep wrote:At this rate, I will get my tax letter before I can get through to cra on the phone.  Glad they give you a letter explaining the 1198

peeps don't forget to press *0 and not just 0....I posted that it gets you through the que faster because CRA thinks you are an accountant firm....just a little trick I was told. Hope it helps peeps...

P.S. Sorry to see you leave Coffeetime, I hope if you need any help you come back to csat. Take care of yourself.

At this rate, I will get my tax letter before I can get through to cra on the phone. Glad they give you a letter explaining the 1198

thanks robbi and oiler no need to see anyone's details but our own.the fact that we will all get detailed calculations is very important.

propat

hey guys like recon said he got his when then used it for him in a positive way, when they messed mine up they said it was in my favor to take it all in one year but yet they sent me the calculation sheet ... so in both cases you should always get the calculation sheet..... and when they fix mine I will get more then I expected after I did some calculation of my own.. but they are Engineer math skills so I will probably lose money!!!!. also Trooper I read yours quickly I think you are on the right track man from what I saw on mine.....have a good one boys...I hope it helps guys

I personally did see the method in which CRA conducted and assessed Recon's Taxes and using system they understand by incorporating deemed taxes, appropriate tax dates regarding allowable income you name it I saw it and I saw the writing on the wall, due to the code among certain peeps here I will not post actual calcs but will inform you all I saw it and it looks legit, go Recon go

thanks recon great info to know im sure we would all love to see are detailed calculations just to make sure they don't frack it all up.

propat

The following thought is something that I have posted last year with reference to the T1198 calculations, at that time I closed by saying that it was wishful thinking on my part, however now it has once again come to mind.

Do you think it would be a fair statement to say that, when the CRA does calculate our 1198, our interest portion of our retro is not taken into account, however when paying our tax in all of the one year, we paid taxes on our interest received, in other words when the CRA does our calculations using the 1198 minus the interest amount their benchmark of taxes we paid for the one year, would be much higher as we paid tax on our interest portion in the one year.
This is where I think that not using the interest we received when they do our calculations, would be of a great advantage to us, as the benchmark of our taxes we paid does include the interest.

Am I missing something here, or do you agree, and or disagree with this thought.
I would appreciate any thoughts you may have on this assumption.

........ The second letter has arrived from the CRA & whataya know .....

They got it right .... NO major errors ..... and a turnaround of over $ 57,000.00
from the deficit of $ 45,750.00 to a refund of over $ 11,850.00

Processed at H & R Block for $ 162

The letter shows .....All Calculations from 2002 - 2012

So to .....Confirm ..... if the T1198 was USED , you will get a ...SECOND ...letter showing detailed Calculations Troops .

Thank - you CRA & H&R Block for getting it right once again , Keep yer' ducks lined up in a row Bye's .....

For Country
Retired Army MasterSniper
Dave Fitzpatrick
Family of .......7........ No hidden agenda here .

.

Well today I finally received everything from my accountant and priority posted my return and another $33k in taxes to the GOC. It hurt like hell too to write that cheque, ha ha. I got to thinking tonight that I have like many here received LTD throughout 2013 and from the monthly amount they deduct a little more than $400 in tax. So if one multiplies the $5k of tax in one year (for my LTD anyway others will be different) by the number of years of lump sum it works out to approximately $55,000 over the past 11 years that I would have paid if I would have received the funds in the year I was supposed to. Now compare this with what I have paid due to my having to declare the total in the 2013 tax year I have paid double the income tax. So where I am going with this that the 1198 will have to help reduce my tax burden as long as CRA uses it, because I have not received anything other than CAF pension in those same years. Cannot see CRA being able to take more tax in the years 2002-2012 than I had to pay from the LTD received in 2013. I am at least hopeful that this formula is somewhat close as in my humble opinion it does make sense especially taking into account of what some have reported here. Looking forward to continuing to work with and for all here. cheers.

...... Steve , RobbieRoyal , I share your passion on many things except ..... Water , you are in fact correct ,
I can't swim worth a damn , but I know how to Navigate around it you Bald headed Eagle ....

Thanks for having my Six ..... All is well in the woods , just tryin to pass on what's provin ground & hoping to shed some light on this gaggle of intel comin from all directions .

Pay it forward ....... Always Keep the Troops informed ..... so less will die .....

Cheers Steve ,

For Country
Retired Army MasterSniper
Dave Fitzpatrick
Family of .......7.......get er' dun' bye's