Increased Disability Award & Retro

Page 1 of 59 1, 2, 3 ... 30 ... 59  Next

View previous topic View next topic Go down

Increased Disability Award & Retro

Post by Guest on Wed 23 Mar 2016, 07:27

Increasing the Disability Award (maximum increased to $360,000 in 2017) for injuries or illnesses caused or worsened by military service, and aligning it with other New Veterans Charter benefits by indexing it to inflation. Higher Awards would be paid retroactively to all veterans who have received an Award since the introduction of the New Veterans Charter in 2006.

Guest
Guest


Back to top Go down

Re: Increased Disability Award & Retro

Post by Guest on Wed 23 Mar 2016, 11:33

The maximum amount of the disability award, which is paid to all veterans who have suffered a serious illness or injury related to their service, will rise to $360,000 from $310,000, starting in 2017, and will be indexed to inflation. Any veteran who has received the disability award since 2006 will get a retroactive top-up.

Guest
Guest


Back to top Go down

Re: Increased Disability Award & Retro

Post by Guest on Thu 24 Mar 2016, 14:47

Hi Recon ,

I'll make an attempt to calculate roughly your top up.

The change is from $310,000 increased to $360,000

By my calculation that is an increase of about 16.1%

Your lump sum paid to you in 2007 = $25,000

$25,000 x 16.1% = $4025

$4025 + $25,000 = $29025

So your retro without the  indexing it to inflation added on should be approximate $4025

So you can add 10 years of inflation to $4025 an that should give you a rough Idea of what you should received based on $25,000 an received in 2007.

Just guessing here Recon I could be wrong as others can certainly point out , but that's my view.

Also I'm going to say yes if more then one lump sum was paid , you will get a retro for the total amount at the set percentage only the inflation top up part will change , as per the year in which it was received.

Guest
Guest


Back to top Go down

Re: Increased Disability Award & Retro

Post by Recon031 on Thu 24 Mar 2016, 15:08

Hey Trooper .... tks. for jumpin in here , question ? this will only happen in 2017 ?

Dave
avatar
Recon031
CSAT Member

Number of posts : 243
Location : Eastern Ontario
Registration date : 2013-07-19

Back to top Go down

Re: Increased Disability Award & Retro

Post by rucksack031 on Thu 24 Mar 2016, 15:40

First good to see you still around Dave, Trooper is correct in his math , 16.1 % would equate from previous to current lump-sum announced. Like Trooper said then add on the inflation for the said time period, which will be taxed of course. As far as I can see 2017, would be the roll out, what month not sure? But in my opinion it is a easy calculation that could be rolled out this year, jmo.
avatar
rucksack031
CSAT Member

Number of posts : 257
Location : Ontario
Registration date : 2012-11-21

Back to top Go down

Re: Increased Disability Award & Retro

Post by bigrex on Thu 24 Mar 2016, 15:47

your payment should be around $11000. Funny enough, 16% on top of the current 10% award is $36002. That way, all Veterans assessed at any given level of disability, whether it was 2006, 2012 or 2017, will have received the exact same amount of money, in total, as compensation.

What I do not agree with, is making us wait a year before making the changes. Why not raise it to $360000 immediately, so that those that are suffering now, will get a little support now, while waiting for the GoC to sort out the pensions.
avatar
bigrex
CSAT Member

Number of posts : 3102
Location : Halifax, Nova Scotia
Registration date : 2008-09-18

Back to top Go down

Re: Increased Disability Award & Retro

Post by rucksack031 on Thu 24 Mar 2016, 15:57

Hey rex did I miss something in my math ? but we are in agreement on your second paragraph.
avatar
rucksack031
CSAT Member

Number of posts : 257
Location : Ontario
Registration date : 2012-11-21

Back to top Go down

Re: Increased Disability Award & Retro

Post by Guest on Thu 24 Mar 2016, 16:01

Well the announcement was in this Budget so the funds for this is allotted.

So my guess would be early in 2017 , perhaps even as early as Jan 2017.

Good day rucksack , I do believe the lump sums are all tax free so no tax on the retro I would assume.

Guest
Guest


Back to top Go down

Re: Increased Disability Award & Retro

Post by rucksack031 on Thu 24 Mar 2016, 16:06

Good day in return Trooper, yes you are correct tax free, was thinking of a different Scenario, my bad .
avatar
rucksack031
CSAT Member

Number of posts : 257
Location : Ontario
Registration date : 2012-11-21

Back to top Go down

Re: Increased Disability Award & Retro

Post by Guest on Thu 24 Mar 2016, 16:10

ya i agree bigrex that's the amount i put earlier on the other thread where the question was asked .

propat

Guest
Guest


Back to top Go down

Re: Increased Disability Award & Retro

Post by rucksack031 on Thu 24 Mar 2016, 16:17

Hey rex I think I know what you mean now there was a 10% to bring the lump-sum to 310,000 from con then 16.1 to 360,000 so depending on year one received there lump-sum ref Recon would equate to 26.1% owed based on receiving his in 2007 so based on that 11000 would be owed, did I get Rex.
avatar
rucksack031
CSAT Member

Number of posts : 257
Location : Ontario
Registration date : 2012-11-21

Back to top Go down

Re: Increased Disability Award & Retro

Post by Guest on Thu 24 Mar 2016, 16:21

10% of 360,000 minus the amount you already received for THAT 10% .

propat

Guest
Guest


Back to top Go down

Re: Increased Disability Award & Retro

Post by Guest on Thu 24 Mar 2016, 17:08

I'm some glad we have Rex an Propat here to correct me LoL.
I think I will have to put up a sticky to remind myself of this , it's the second time I've been corrected.
The Boys are absolutely correct , 10% of $360,000 = $36,000 - $25,000 = $11,000

So Recon will be looking at about $11,000 Retro with all the inflation included.

Thanks again Rex & Propat

Guest
Guest


Back to top Go down

Re: Increased Disability Award & Retro

Post by Guest on Thu 24 Mar 2016, 17:15

not a problem trooper the way they like to put this stuff i believe is fist intended to confuse and then and only then to inform but not completely lol.

propat

Guest
Guest


Back to top Go down

Re: Increased Disability Award & Retro

Post by Guest on Thu 24 Mar 2016, 17:37

Well propat the way I see it is that putting this out for all to see is helping not only me , but everyone who reads this.

So I appreciate it when members come together and share their opinions cause it's helpful to all , and that's what CSAT is all about helping each other out.

Further to this , yourself and Rex's calculations are correct and they have a much greater impact on what will be coming for those who received Lump Sums.

Guest
Guest


Back to top Go down

Page 1 of 59 1, 2, 3 ... 30 ... 59  Next

View previous topic View next topic Back to top

- Similar topics

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