Mil pen - ELB - CPPD

propat wrote:ive used it now not sure of the current policies at this time . how I used them by the policy at the time  . i contributed $1500.00  and the GOC added $3500.00 . I could put in to age 59 but the GOC only puts in till I was 49 . being past 49 now is the reason I no longer contribute . I turn pretty good numbers on investments but never have I turned these kinda numbers in year one . all your investments need to sit ten years before any withdrawals . you are taxed on interest and the GOCs contributions upon withdrawal not your contributions .

so since you are past 49 not good for you . as my initial post stated didn't know how old your are or if you had put in for the DTC however still maybe helpful for those that happen by and read it .

propat

thanks, thats what I figured, I wonder why they put an age thing on it? Oh well, I`ll get by.

ive used it now not sure of the current policies at this time . how I used them by the policy at the time  . i contributed $1500.00  and the GOC added $3500.00 . I could put in to age 59 but the GOC only puts in till I was 49 . being past 49 now is the reason I no longer contribute . I turn pretty good numbers on investments but never have I turned these kinda numbers in year one . all your investments need to sit ten years before any withdrawals . you are taxed on interest and the GOCs contributions upon withdrawal not your contributions .

so since you are past 49 not good for you . as my initial post stated didn't know how old your are or if you had put in for the DTC however still maybe helpful for those that happen by and read it .

propat

I don't use the savings bond personally, so I could be wrong, but I thought that the GoC merely matched your contributions, capped, at the $1000/yr. maybe someone that has used it, can fill in any gaps.

bigrex wrote:Actually, it's 59. You may still be too old, to access it, but I want you to have the correct information, just in case.

Thanks all this is new to me and hitting me like a tornado, this is what was confusing me “ Canada disability savings bond
The bond is an amount paid by the Government of Canada directly into an RDSP. The Government will pay bonds of up to $1,000 a year to low-income Canadians with disabilities. No contributions have to be made to get the bond. The lifetime bond limit is $20,000. A bond can be paid into an RDSP until the year in which the beneficiary turns 49.“, but even still l don’t understand the benefit in paying into a RDSP, if it is not tax deductible, l mean if l had extra money at the end of a year , wouldn’t it make more sense to put money into a regular RSP as at least that would come off my whole earnings for the year, I.e. make $40000 a year, put $5000 into an RSP , file taxes as if l earned $35000 for the year. If I had put $5000 in an RDSP , l would still have to file as if l made $40,000. Unless I’m missing something, which wouldn’t surprise me.

Actually, it's 59. You may still be too old, to access it, but I want you to have the correct information, just in case.

bigrex wrote:DTC - Disability Tax Credit

RDSP - Registered Disability Savings Plan

Both of these are useful for reducing your tax burden, when you are severely disabled.

oh yes, I have the tax credit, but I think there was a cut off age on the RDSP, I could be wrong but I thought it ended at age 45 or 49, I’m well past that

DTC - Disability Tax Credit

RDSP - Registered Disability Savings Plan

Both of these are useful for reducing your tax burden, when you are severely disabled.

propat wrote:sleeping dog don't know if you have yet but ya may want to apply for the DTC . not sure about your age but you may want to look into the RDSP as well .

propat

sorry what are all these acronyms??

sleeping dog don't know if you have yet but ya may want to apply for the DTC . not sure about your age but you may want to look into the RDSP as well .

propat

bigrex wrote:No, it is not a 100% deduction from the CF pension. It reduces the pension, by what the Tories coined as a "bridge benefit" of a couple of hundred dollars, per month. The ELB deduction, on the other hand, is 100%. But now, because of paying back that money to the CF, VAC has now effectively deducted too much money for the CF pension, for that time period. So in the end, you won't get to keep any retroactive payments you received, but you shouldn't have to pay anything out of pocket. I honestly never even bothered trying to go for CPP(D). Too many headaches, for no reason. I would never be allowed to benefit from it, especially now that the IRB is going to be for life.

yeah it was a two edged sword, I heard for an against before I applied, but as there is a separate non gouged payment for children ( and I have some), l figured it was worth it in the long run. On top of that, I find it weird that VAC rejected my DEC yet the GoC did not, l realize they are two separate entities and yet, when I read that line about boards ruling on disabilities, it says something like “ if the evidence presented is not without question, the ruling is supposed to go in favour of the vet, in all likelihood “ or something like that. In other words if it looks like a duck, quacks like a duck, and limps like a duck, chances are ...it’s a duck. - but not in VACs eyes.”When a clear decision is not possible based on all of the favourable and unfavourable facts of a case, the ‘Benefit of the Doubt’ is applied and the claim is resolved in favour of the applicant.”, that’s the quote l was looking for.

No, it is not a 100% deduction from the CF pension. It reduces the pension, by what the Tories coined as a "bridge benefit" of a couple of hundred dollars, per month. The ELB deduction, on the other hand, is 100%. But now, because of paying back that money to the CF, VAC has now effectively deducted too much money for the CF pension, for that time period. So in the end, you won't get to keep any retroactive payments you received, but you shouldn't have to pay anything out of pocket. I honestly never even bothered trying to go for CPP(D). Too many headaches, for no reason. I would never be allowed to benefit from it, especially now that the IRB is going to be for life.

Big rex, this is basically for you to answer, lol . I was declared disabled by CPP. I instructed the pension people of the figures,but l have yet to hear back. Is it a $ for $ reduction,I.e. if my military pension was $2000 a month and now CPPD is a $ 1000 a month, will they reduce my mil pen by a $ 1000 now?.regardless, when I get the new amount, apparently I am to also contact VAC to have my ELB further reduced. Who/how do I contact VAC is the information summited by my CM if I inform them of the numbers, or is there a VAC finance department I'm supposed to call or something? Thanks for any help in advance.