SISIP COLA RETRO (Assorted Topics)

Robbie...are you saying that due to new CRA rules, sisip caps our tax rate at 20%? So the taxes are still deducted but not as high as before? That is why we see an increase?
Sap

Also an update from my JUMPER BUDDY HOORAH, his COLA cheque for over $17,000 is good, I repeat IT IS GOOOOOOOOOOOOOOOOOOOOD. Being a concerned fellow he asked why are others around 100.00 and the at SISIP/Manulife said, they cannot disclose any other information other than his specific information. FACKER is off to the CASINO lol

talked to Sean at Manulife 1 (800) 267-6681 and he says the increase is due to the New CRA laws in that they can only take off income based on your SISIP income. If you send in a TD1 request asking to take off more taxes then send in the TD1 request. from what I gathered was prior to the legislation SISIP was deducting up to 20% and didn't require your permission. So if you want to save some bucks at income time send in the request or possibly pay at income tax time.

increase of (over 2%) here.
Sap

increase of 241.86 thought they were withholding money?

Mine went up $28

Mine too. Somebody gonna get fired! You remember I said thier accounting was bad and I hope they add a zero?. Our 2% indexing is now 20%
Sap

good move Robbie SISSIP WILL catch this eventually and he will need to pay it back tomorrow or ten years from now . best to get it done now and not be out the lawyer fees.

propat

I was shocked as is my buddy, he is not cashing his cheque until he gets ahold of MC as he did receive it last night in Ontario so the office was closed he will call today and if I hear anything I will get it out. My buddy gave me permission to post his amount. He was released in 2003/4 and never received any SISIP i.e. training rehab no 24 month he applied as a 60 day class member when that wave period was available. As far as his monthly SISIP increasing or decreasing I will ask and forward that info as well.

wow that math really doesn't add up . may want to tell him to get that checked.

propat

ok here it is straight off the press a very good JUMPER friend of mine received his COLA cheque today via regular mail no purolator and received over 17,000 MC took back around 2,000 so there you are. We had similar retro 10 years no sisip so there you go troops dig at that one, drinks all around

Just to give and Idea of the amounts received thus far.

According to a post on LNVBF, the amounts received thus far ranged from $58.oo to $1000.oo.

This would be in line with what BG has received.

Here is and example of how I was told the COLA deal is to play out.

First, those who saw a decrease - or increase in their Monthly payments for the purpose of Manulife implementing it only for the year 2014, one year to get you up to par for that year.

Now we will use a 10 year retro example;

The COLA fluctuates year by year, for example if you were paid more COLA for 5 years to a total of $300.oo - but you were paid $600.oo less for the other 5 years - you would be looking at a $300.oo refund less tax and fees.

Now if in the example you were to reverse this and come out with owing $300.oo, you will not get a COLA refund, and you would not have to pay Manulife back the $300.oo.

The calculations are being done at random, so no real way to know if your in - or out.

You would contact Manulfe at 1 855 370 0025

If you are one of the lucky ones to receive the COLA cheque - Manulife will send your refund to MC with all of your latest contact info.

As far as I'm concerned, that twenty two bucks should be in the Veterans  pocket, still shaking my head on this one.