QUESTION - WHO KNOWS WHAT WILL BE OUR PENSION INDEXATION FROM VAC FOR 2011

View previous topic View next topic Go down

QUESTION - WHO KNOWS WHAT WILL BE OUR PENSION INDEXATION FROM VAC FOR 2011

Post by kramer on Tue 30 Nov 2010, 18:12

Hi veteran,

I would like to know how much will be our pension adjustment for Jan 2011?

Thanks

Kramer

kramer
CSAT Member

Number of posts : 4
Location : Quebec
Registration date : 2010-10-27

Back to top Go down

Re: QUESTION - WHO KNOWS WHAT WILL BE OUR PENSION INDEXATION FROM VAC FOR 2011

Post by Guest on Sat 04 Dec 2010, 09:46

Hello, I do not know what the vac pension increase is??? but i read that the cpp increase will be 1.7 percent which is probably what we will get. I think thou ours is different because last year the governments pension increases were 0.4 percent but vac gave a 3.25 percent increase. i think vac is tied to the public service wage guide and if they get a increase we do too. thou i may be wrong
navrat out

Guest
Guest


Back to top Go down

Re: QUESTION - WHO KNOWS WHAT WILL BE OUR PENSION INDEXATION FROM VAC FOR 2011

Post by BinRat on Sat 04 Dec 2010, 14:47

Yeah I was reading that as well it was from the public service wage, but I was alway's under the thought it was rated as the CPI (Consumer Price Index) and i did find this on VAC site
LINK
"Rates of pay are set by the Pension Act and are adjusted yearly,based on changes to the Consumer Price Index. These payments are tax-exempt in Canada. This means you do not have to declare your VAC disability pension on your income tax."

So, since there is 2 possible version, I'll research more and see which one exactly we are under, Unless someone else know's which one for sure...

Okay found more, but Now I am even more confused as well...

and quoted from site
LINK 2
Disability Pensions are tax free

Disability pensions granted by the Department of Veterans Affairs or the Veterans Review and Appeal Board are not subject to income tax. Entitlement to such pensions is based solely on the relationship between military service and a disability. The assessment of a disability relates to its level or extent and is based on VAC's Table of Disabilities - to ensure similar assessments are awarded for similar disabilities. The pensionable assessment, or the actual amount of pension paid, is determined by multiplying the degree of entitlement by the percentage of assessment. A 100% disability pension is set as the average wage of three different occupations in the Public Service of Canada. That calculation is adjusted annually to reflect either an increase in the wage rates, or an increase in the Consumer Price Index (CPI).


Last edited by BinRat on Sat 04 Dec 2010, 14:52; edited 1 time in total (Reason for editing : Found other link for annual yearly raise rate)

BinRat
CSAT Member

Number of posts : 214
Location : Komoka
Registration date : 2008-09-18

Back to top Go down

Re: QUESTION - WHO KNOWS WHAT WILL BE OUR PENSION INDEXATION FROM VAC FOR 2011

Post by Guest on Sat 04 Dec 2010, 19:26

Now i am more confused!!! I think it all means which ever percentage increase is less we veterans get it
hahahaha
navrat out

Guest
Guest


Back to top Go down

NEW RATE VAC PENSION

Post by kramer on Wed 08 Dec 2010, 16:12

Hi guys, this is Kramer, Finally I got the answer while browsing in VAC site the new rates are as follow;

2011 Rates - How much can you expect to receive?
Monthly payments at 2011 rates - at either end of the payment scale. Rate Disability Pension Spouse First Child Second Child Each Other Child
5% $123.90 $30.98 $16.11 $11.77 $9.29
100% $2,478.08 $619.52 $322.15 $235.42 $185.86

About 3.35% ajustment for 2011
Talk to you soon veteran

Kramer


kramer
CSAT Member

Number of posts : 4
Location : Quebec
Registration date : 2010-10-27

Back to top Go down

Re: QUESTION - WHO KNOWS WHAT WILL BE OUR PENSION INDEXATION FROM VAC FOR 2011

Post by BinRat on Sat 11 Dec 2010, 18:44

Hey..

Yeah Was reading the New Rates and they mentioned how it's determined, which was by Section 75 of the Pension Act, so I went and red the Section and this is what it said...

Annual adjustment of basic pension
75. (1) The basic pension shall be adjusted annually in the manner prescribed by regulation of the Governor in Council, so that the basic pension payable for a month in the following calendar year is the greater of
(a) an amount equal to the product obtained by multiplying

(i) the basic pension that would have been payable for that month if no adjustment had been made under this Part with respect to that following year,

by

(ii) the ratio that the Consumer Price Index for the first adjustment year that relates to that following year bears to the Consumer Price Index for the second adjustment year that relates to that following year, and
(b) an amount equal to one twelfth of the average annual gross composite wage, as of the thirty-first day of October of the year in which the adjustment is made, of categories of unskilled members of the federal public administration designated by the Minister, minus income tax for a single person calculated in the province with the lowest combined provincial and federal income tax rate.

Adjustment not subsequently affected

(2) A retroactive change in the wages or income tax rates referred to in paragraph (1)(b) does not affect an adjustment made in accordance with that paragraph.

Adjustment of other pensions and allowances

(3) All amounts set out in Schedules I to III shall be adjusted, in the manner prescribed by regulation of the Governor in Council, at the same times and by the same percentage as the basic pension.

R.S., 1985, c. P-6, s. 75; R.S., 1985, c. 16 (1st Supp.), s. 11, c. 37 (3rd Supp.), s. 13; 1990, c. 43, s. 24; 2000, c. 34, s. 35; 2003, c. 22, s. 224(E).
javascript:emoticonp('confused')

BinRat
CSAT Member

Number of posts : 214
Location : Komoka
Registration date : 2008-09-18

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum