T4A's???

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Re: T4A's???

Post by Guest on Tue 24 Feb 2015, 16:44

ok if you received a COLA cheque prior to dec 31st you should also receive an additional t4 a and t5 .

propat

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Re: T4A's???

Post by Guest on Tue 24 Feb 2015, 17:55

propat,

What do you mean when you say prior to Dec 31st ?

The court has ordered it to start in Jan of this year ?

Also with respect to receiving a T5 for interest paid on our COLA cheque, next year, for this year, just keep in mind that if your interest is less than $50.00, you probably will not receive a T5 - However, they say you still have to report this income, T5 or not.
The reason I posted this is that many may not receive more than $50.00 in interest, so they may not receive a T5.

Also, I completed my 2014 taxes and compared to 2012, I only got half back of what I received for 2012 taken into account only 3 Months of sisip at 20% withheld for taxes for my 2012 return.

I was under the impression that for 12 Months of sisip for 2014 with 20% tax withheld for the full year, that I would do a little better than half, but as it turns out for me, even at 20% withhold of taxes from sisip, it's still not enough, for me anyway.
Just thought I would share this to give my situation as to how the amount withheld by sisip pertains to me.

NOTE: I did not compare the 2013 return, as the lump sum would have interfered in my calculations with respect to the amount of taxes that I would need to be withheld to suit me.

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Re: T4A's???

Post by Guest on Tue 24 Feb 2015, 18:41

yes I know they do not have to provide a slip for less than 50 but im guessing they will .

as for your other concern I should not have said received but issued by Manulife as that's how they will do their accounting thought most would get this, guess not, my bad.

my budy recived his t-4a and t-5 today his COLA check was issued by MC jan 9 2015.

his T-4A and T-5 WERE DATED for the 2014 tax year!

sooo let me state this a little better so those that this concerns will have no doubts .

if you received a COLA check from Manulife VIA MC with the check dated on or about jan 9 / 2015 .

YOU WILL receive a t-4a and/or t-5 FOR your 2014 TAX YEAR .

this is happening thus THIS IS FACT!!!!!

I HAD THEM IN MY HANDS TODAY!!!!

this was just an FYI post for those in this situation nothing more .

if you are in this boat and think you have all your tax slips and want to file your taxes tomorrow ?????

my subjection is to wait a bit or call SISIP to confirm this situation .

or not your choice I guess.

ps ; these are sent separately from the regular SISIP t-4a.

any questions??????

propat

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Re: T4A's???

Post by Guest on Tue 24 Feb 2015, 19:22

propat,

If your friends COLA T4A & T5 were dated for the 2014 tax year as you have stated - his cheque received by MC on Jan 09 better be dated for 2014, which I would find hard to believe as the COLA cheque distribution by the court order clearly states is to began Jan 2015 - no sooner.

If his cheque is dated for for 2015 which I would assume it is - you better contact him asap, and have him contact Manulife to request a new T4A & T5 that reflects 2015, if he does not do this, he will be claiming funds for 2014, which he received in 2015, which would land him in deep water.

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Re: T4A's???

Post by bigrex on Tue 24 Feb 2015, 19:57

It shouldn't matter when SISIP sent the money to MC, if the cheque from MC wasn't cut until after Jan 01, it cannot be classified as income for 2014. I would contact CRA, and inform them of the discrepancy. They may advise them to include the COLA when they do their taxes this year, IMO, if you already have the T4 for it, then why not do it and get it out of the way. The only thing that could be a problem, is legal fees. If they have to claim the COLA for last year, then the legal fees should also be able to be claimed.
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Re: T4A's???

Post by Guest on Tue 24 Feb 2015, 20:26

ummmm no trooper as I stated above his check from MC was dated jan 9 2015. the thing is this income he is receiving is coming to him VIA MC BUT IT IS NOT INCOME FROM MC. it is income from Manulife . if those funds are issued against his account with them BY THEM prior to dec 31 2014 they WILL issue the appropriate t-slips for THAT tax year not the tax year in witch they think a third party may release them .

just like if an employer issues you a check late in December 2014 even if you don't receive it till January the employers accountant WILL consider this 2014 income while calculating your t-slip.

this info does not only get sent to you in the form of a t-slip it also gets sent to the CRA WITH THE EXACT SAME NUMBERS AND DATES .

not only will he not get in hot water for claiming this in 2014 he WILL get in hot water if he doesn't .

now back to the point and reason I put this post up.

if you are in this situation don't have your COLA t-4s yet DONT FILE YOUR TAXES YET!!!!!

ya can believe me or someone else its your choice but im strongly suggesting you believe me .

if not you may end up filing an adjustment and we are all sick of crap like that right now if you are in a big hurry ya just have to call SISIP to confirm as to when to expect your slips.

or ya can believe someone else and file away. your choice guys.

the only reason I posted this as it is new info I did not expect and assume no one expected and without it some may end up on the CRA roller-coaster again.

BELIVE WHAT YOU WILL!!!!!

wait a bit and check with SISIP and worst case you file a day later than you wanted.

or file right now and worse case go back on the CRA roller-coaster again.

your choice.

propat


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Re: T4A's???

Post by Guest on Tue 24 Feb 2015, 20:38

bigrex MC is just a third party so it really doesn't matter when they pay the funds out SISIP is the payer you are the payee . it matters when SISIP releases the money NOT MC .

I was about to agree with you on the legal fee deduction but I thought id call my buddy to get him to read his receipt to me prior. but guess what it states right on the slip to claim it in the 2014 tax year.

now I think that's just wrong so I still kind of agree with you on that point I told him to claim it this year as the invoice he has to use says its for the 2014 tax year so he may have some difficulty claiming it in 2015 . so in a sense I disagree as well.

propat

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Re: T4A's???

Post by Guest on Tue 24 Feb 2015, 20:52

Rex,

As you say, if the cheque from MC wasn't cut until after Jan 01, it cannot be classified as income for 2014.

As far as contacting the CRA about the discrepancy - The CRA will simply say that you cannot claim funds received in 2015, for 2014, there is only one way to deal with this and that is for the individual to contact Manulife and have them re- issue a new T4A & T5 that reflects 2015.

Propat,

It does not matter where or when the funds came from, if you received the funds in 2015, you must claim those funds in 2015.
In order for you to claim funds in 2014, the payment cheque has to be issued for that year, the CRA will eventually pick this up, and will act upon it.
Manulife's slips may have been for 2014, the slips have to coincide with the payment year, regardless if the payment is made by a second or third party.
The problem lies with MC - Manulife completed the COLA in 2014, so MC had the obligation to issue the payee the funds prior to Jan 01 2015.
Regardless of the issue at hand, if the individual claims these amounts for 2014, the CRA will pick this up, and act upon it.
Bottom line is simple - the funds were received in 2015 - not 2014.

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Re: T4A's???

Post by Guest on Tue 24 Feb 2015, 21:12

trooper yes it does matter where the funds came from as that's exactly where the CRA gets their info. if you were issued a payment from a payee in 2014 REGARDLESS of how channels it had to go through ,who was on holiday and when, how bad the mail was that week or what the population of berlin was two Thursdays ago at 11 pm EDT .

YOU WILL HAVE TO CLAIM IT ON YOUR 2014 TAXES!!!!!!

the CRA has the info from SISIP as it is stated EXACTLY on your t-slip if that t-slip says 2014 that is the EXACT same info CRA has so that's the year YOU BEST CLAIM IT!!!

propat

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Re: T4A's???

Post by Guest on Tue 24 Feb 2015, 21:17

now for those that this actually matters to. if you receive a t-slip for a particular TAX YEAR you are required BY LAW to claim it in that year . if you have already filed your taxes you must notify CRA and file an adjustment for that tax year.

propat

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Re: T4A's???

Post by Guest on Wed 25 Feb 2015, 08:26

When to complete a T4 - T4A slip

You have to report income on a T4 - T4A slip for the year during which it was paid,  "regardless of when the services are performed or rendered ", or if the employee is deceased. "For example, if a pay cheque dated in January 2015 covers income earned in the last days of December 2014, that income must be reported on the T4 slip for the year that starts in January, since that is the year it was paid."

Canada Revenue Agency

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Re: T4A's???

Post by Guest on Wed 25 Feb 2015, 08:41

trooper that is correct that info there tells you if the t-slips are dated for 2014 you must claim them for 2014 . thanks for proving my point.

propat

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Re: T4A's???

Post by Guest on Wed 25 Feb 2015, 10:00

propat and trooper you are the best! thank you for all your input and knowledge!

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Re: T4A's???

Post by 1993firebird on Wed 25 Feb 2015, 14:11

If a pay cheque is dated January 2015 for income in 2014 that income must be put on the 2015 income tax return as that is the year it was received unless it is in the T4 amount for 2014 then it must be put on 2014 income tax return.

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Re: T4A's???

Post by Guest on Wed 25 Feb 2015, 14:28

yup a 2014 t-slip is for the 2014 tax year . that's it that's all.

propat

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