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Elect Lump Sum

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Elect Lump Sum Empty Re: Elect Lump Sum

Post by Gunner8 Mon 08 Mar 2021, 17:22

Thanks Ppclicaper. I called and requested. They said 3-5 business days in myvacaccount, so that’s a positive sign. Thanks for your response, much appreciated.

Gunner

Gunner8
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Number of posts : 321
Location : NL
Registration date : 2018-01-13

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Elect Lump Sum Empty Re: Elect Lump Sum

Post by Ppclicaper Mon 08 Mar 2021, 09:55

I called and requested a form be sent , it arrived in myvac account within 3 weeks . ( they state it can be upwards of 6 weeks ) .

VAC2521

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Number of posts : 113
Location : Alberta
Registration date : 2019-05-10

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Post by Gunner8 Mon 08 Mar 2021, 06:21

Thanks ppclicaper. Do I have to request a letter for the option of lump sum, or do they send that automatically?

Gunner8
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Number of posts : 321
Location : NL
Registration date : 2018-01-13

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Elect Lump Sum Empty Re: Elect Lump Sum

Post by Ppclicaper Mon 08 Mar 2021, 00:58

All together it was approximately 5-6 weeks from the time I received approval on myvac account .
To the day the lumpsum was deposited into my account .

Approximately 3 weeks I received the form via myvac to request lump sum. Than within 3 weeks the funds were deposited in my account .

I received 1 payment under the monthly .. by the next month I had already received the lump sum.

That was my timeframe , I received lump sum in October 2020 .

I hope this helped you .. and if the time frame is consistent , your situation should be similar. Good luck

Ppclicaper
CSAT Member

Number of posts : 113
Location : Alberta
Registration date : 2019-05-10

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Post by Gunner8 Sun 07 Mar 2021, 19:13

How long did it take you to get the letter and then the lump sum when selected?

Gunner8
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Number of posts : 321
Location : NL
Registration date : 2018-01-13

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Post by Ppclicaper Tue 15 Sep 2020, 18:33

Elected lump sum also ; at this point in time it is up to 6 weeks to recieve the form via Myvac and 6 week processing from date form is recieved .

Ppclicaper
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Number of posts : 113
Location : Alberta
Registration date : 2019-05-10

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Elect Lump Sum Empty Re: Elect Lump Sum

Post by Iceman Sat 25 Jul 2020, 20:01

oldsailor wrote:Can anyone tell me how the lump sum is calculated. Also is there any requirement/timing or can you do it anytime.  Thank you

Here is the link to the rates.

https://www.veterans.gc.ca/eng/resources/rates#psc

I’m pretty sure if you decide on a lump sum at a later date, it is the lump sum amount effective on your award date, less any payments already made.


Iceman
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Number of posts : 196
Location : Calgary
Registration date : 2016-05-03

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Post by oldsailor Sat 25 Jul 2020, 12:25

Can anyone tell me how the lump sum is calculated. Also is there any requirement/timing or can you do it anytime. Thank you

oldsailor
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Number of posts : 70
Location : Vancouver Island
Registration date : 2012-10-10

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Post by Teentitan Tue 23 Jun 2020, 19:13

Pre Covid usually 3-5 business days.

Covid now??? Depends on the staffing at VAC accounting department could take a little longer.
Teentitan
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Post by Guest Tue 23 Jun 2020, 18:38

Just summited form online to elect pain and suffering compensation lump sum. Anyone know how long it takes to receive it?

Guest
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