Stay on top of the CRA !!!

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Re: Stay on top of the CRA !!!

Post by Guest on Sat 26 Apr 2014, 17:10

Agreed

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Re: Stay on top of the CRA !!!

Post by Guest on Sat 26 Apr 2014, 17:11

As you described your issues with CRA I could not help but see the correlation to how we deal with DVA and Sisip. The sad reality is that you wont be the only one this happens to this tax season. It could be me time will tell but I have come to the belief that unless it is someone's own money they are dealing with errors occur and people pass the buck. No one seems accountable anymore and the onus is on the individual to keep on top of things for fear of getting derailed.

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Re: Stay on top of the CRA !!!

Post by Trooper on Sat 26 Apr 2014, 17:20

You got that right !
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Re: Stay on top of the CRA !!!

Post by Rifleman on Sat 26 Apr 2014, 17:29

Agree

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Re: Stay on top of the CRA !!!

Post by Sapper Zodiak on Sat 26 Apr 2014, 20:09

Thanks for the support Troops. I appreciate you all very much. Have a good day.
BTW...I owe $77,880.00 in taxes for 2013. Over what I paid from my retro.
Sap
p.s. lived on $6600 per year from CPP-D for the last 2.5 decades....

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Re: Stay on top of the CRA !!!

Post by Guest on Sat 26 Apr 2014, 20:37

I am certain the 1198 is going to help you tremendously Sapper and you deserve to get every penny back!

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Re: Stay on top of the CRA !!!

Post by Sapper Zodiak on Sat 26 Apr 2014, 22:11

Smile Digger.
Sap

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Re: Stay on top of the CRA !!!

Post by Newfie on Sat 26 Apr 2014, 23:15

Thanks Trooper, The T1198 should make a difference to the taxes whether it is a refund or at least lower the amount owing.

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Re: Stay on top of the CRA !!!

Post by RobbieRoyal on Sun 27 Apr 2014, 09:48

agreed
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Re: Stay on top of the CRA !!!

Post by RCN-Retired on Sun 27 Apr 2014, 12:47

Hey guys my accountant just emailed me my paper return and he has the my lump sum on line 104 any insight because I am totally confused and now seem to owe the government another $32K
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Re: Stay on top of the CRA !!!

Post by Guest on Sun 27 Apr 2014, 13:02

RCN , did you have a high income all those retro years because the way it was explained to me by a CRA supervisior was the form 1198 only benefits you if your income was a lot lower in the preceding years. If you had decent income than there's no benefit. But say food example someone got 300000 retro in one year but only had10000 ayear in income , this guys going to benefit from the form 1198 but if the guy had yearly income of say 50000 there will be no benefit

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Re: Stay on top of the CRA !!!

Post by RCN-Retired on Sun 27 Apr 2014, 13:31

Thanks Nav, my only income has been my pension and that has been split between wife and I. So here is to hoping. Some on here have said that the lump sum should go on line 101 and others 104, mine is on 104 and if that is not right will have to tell accountant.
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Re: Stay on top of the CRA !!!

Post by Guest on Sun 27 Apr 2014, 14:29

I believe line 101 of tax return should be $0
The lump sum amount $ should be on line 104
Can anyone confirm this?

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Re: Stay on top of the CRA !!!

Post by Trooper on Sun 27 Apr 2014, 14:29

The Lump Sum is suppose to be on Line 104.

Navrat, they may not be adding the notional interest, that still remains to be seen.

Just the fact that others have reported benefiting from it with large amounts owing, and getting a large refund leaves room for hope, remember each year is calculated, so I would think that you would need to have very high income for each year in question.

It should not be to much longer for us to get a better picture of this, as more and more members get assessed.

So far I am optimistic of the T1198.
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Re: Stay on top of the CRA !!!

Post by Guest on Sun 27 Apr 2014, 15:09

It has to be on line 104 for form 1198 to work and as long as CRA has on record that you sent in your return, by providing the them with your. Tracking number from Canada post, no penalty will apply if you owe nothing due to the form 1198. This is exactly what I was told and I have to call back on the 29 of April as this is my 6 full weeks of it being in CRA possession and then , only , then will they start a trace

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