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T1198 (Assorted Topics)

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Re: T1198 (Assorted Topics)

Post by Guest on Thu 06 Feb 2014, 12:00

It's on the work out sheet , MC, sent us with the cheque, it's printed with a red PAID stamp on it. It tells you to declare it

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Re: T1198 (Assorted Topics)

Post by loggie on Thu 06 Feb 2014, 11:58

I have been away for a while and am attempting to catch up.
There is all this talk of the legal fees. Where will we be finding that sum when it comes to tax time?

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Re: T1198 (Assorted Topics)

Post by Guest on Thu 06 Feb 2014, 11:56

I went from Welfare to Wealth back to Welfare, lol, not quite as bad but hell!

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Re: T1198 (Assorted Topics)

Post by Guest on Thu 06 Feb 2014, 11:55

Propat , you have the deemed tax examples?

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Re: T1198 (Assorted Topics)

Post by Guest on Thu 06 Feb 2014, 11:53

I used Ufile, it's under other deductions, the legal fee deductions isnt like a RRSP deduction whereby the RRSP deduction lowers your taxable income, example 100000 income RRSP deduction 10000 taxable income equals 90000 whereby income 100000 legal fees 10000 tax credit on that 10000 is 1500 (15 percent) so taxable income 98500

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Re: T1198 (Assorted Topics)

Post by Teentitan on Thu 06 Feb 2014, 11:49

I'm a little confused her Navrat. I have used the other deductions line 232 (if I remember correctly) before.

When I entered it my gross income showed the amount minus the full amount of line 232.
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Re: T1198 (Assorted Topics)

Post by Guest on Thu 06 Feb 2014, 11:49

It's those deemed taxes , 10 percent year one and goes up as each year going back, so if year one you owe 5000 taxes they add 500 dollars, then year two if you owe 5000 they add 1000 dollars, its driving me flipping crazy, thank God I have Ativan

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Re: T1198 (Assorted Topics)

Post by Guest on Thu 06 Feb 2014, 11:47

Yes, but the program adds up all this deductions and they are non refundable tax credits which then you take 15 percent of and that's what comes off

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Re: T1198 (Assorted Topics)

Post by Teentitan on Thu 06 Feb 2014, 11:42

Navrat did you put the legal fees on the line that states "other deductions"?

That is where the legal fee is to be applied as that is a dollar for dollar deduction (full deduction of legal fees).
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Re: T1198 (Assorted Topics)

Post by RCN-Retired on Thu 06 Feb 2014, 01:13

Well many folks here predicted long before we received our settlement that Harper had a plan to get most of the funds they stole from us back. All seems to be falling in place for him, stole a dollar and then gets half of it back when we file our taxes. Government greedy bastards.
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Re: T1198 (Assorted Topics)

Post by Guest on Wed 05 Feb 2014, 16:28

I just found out that there is nothing in law that says Sisip has to provide a form 1198 ? I confirmed this also on the CRA hotline also Propat is right, if you use the form 1198 deemed taxes will apply going back each year, it's to compensate the government for not receiving those taxes in those years. As of now I owe 35000 if I use the form 1198 it takes 11000 off! So I am looking at 24000 owing to the tax man plus that legal fees deduction is a joke , you only get a percentage of it so say you paid 33000 in legal fees the deduction amounts to 4500 or so actually coming off, real rip off, Good luck everyone it's going to hurt

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Re: T1198 (Assorted Topics)

Post by Guest on Wed 05 Feb 2014, 06:50

pteadams that is correct.

propat

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Re: T1198 (Assorted Topics)

Post by pteadams2002 on Tue 04 Feb 2014, 19:46

From what I have read from CRA, interest will be taxed in the year it is received. I'm assuming then that legal fees will only apply to 2013 tax year too.
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Re: T1198 (Assorted Topics)

Post by Guest on Tue 04 Feb 2014, 19:30

sapper you send the form to CRA with your tax returns then they will do the calculations without reassessing then they will tell you the result and witch way is most beneficial for you.

do your tax as normal for the one year and send it in with your 1198 form if the calculations work out they will move your retro for the past years to the past years charge you the past years tax plus deemed tax and that's it buds.

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Re: T1198 (Assorted Topics)

Post by Sapper Zodiak on Tue 04 Feb 2014, 11:24

Got your T1198 Nav?
Does this form show if you can claim in back years or give you the choice?
Does it give any direction of what one can do to minimize taxes?
There doesn't seem to be any direction for a person filing taxes as to what the income will be for the year, simply, you may claim it in past years. Without divulging any personal info, can you chime in on this form for me?
Kinda worried I will owe mega cash and my first born.
Thanks Sap

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Re: T1198 (Assorted Topics)

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