Earnings Loss Benefit (ELB) Increase to 90%

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 17:03

his EXTRA tax burden will be 336.10 IF he has absolutely NO deductions . so only accounting for the added tax not regular tax its a $7773.9 increase annually or 647.83 a month .

propat

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 17:10

cant forget about provincial taxes either . I believe in NS the net tax rate would be at the $59,180 mark so no EXTRA burden in this case but all provinces are different .

propat

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 17:22

if you apply his regular tax rate to that as the extra tax burden has already been accounted for you are looking at a rate of %29.95 total federal and provincial . that's an increase of 453.08 after ALL tax IF and I stress this IF he has absolutely NO tax deductions or tax credits .

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by pinger on Wed 02 Mar 2016, 17:40

Probably topic under a category Trooper.
Hard to explain... lemme try.

With our "implications" What are best practices to approach CRA with our VAC situations?
Mind you...CRA is a very old snafu pickle.
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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 19:31

Thanks pinger...I sent you a PM on this.

Just to confirm my previous calculations ,

15% of 43283 = 6492

6492 + 43283 = 49775

So the correct amount is $49,775

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 19:51

I understand where you got that number trooper not your fault its just the way people are choosing to say it ie; 15% increase . it is confusing a lot of people . got to come up with a better way of saying this .

it IS NOT a %15 increase in your ELB payment at all and in many cases NOT EVEN CLOSE .

it is an EXTRA %15 in your benefit calculations before deductions.

now im sure you get it . just simply applying %15 does not work .

what BIGREX did to get a more accurate number was deconstruct his amount to get his pre release salary then applied %90 to that to get his new base benefit since he has no deductions that's what he gets .

If he had a bunch of deductions and was only getting payed $1000 at this time after the increase his increase would not be $150 but would in fact be as I stated above wich is a crap load more than %15 .

common mistake thou a lot of guys are making the exact same one .

propat

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 20:10

No propat..it's not a mistake.

Deductions have nothing to do with it.

I was released in 2008...my salary upon release was $54,103

ELB is set at 75% of release salary.

My ELB yearly salary is $43,283....75% of my salary upon release.

ELB is bumped up from 75% to 90%

That is a difference of 15%

15% of $43,283 is 6492 ....6492 + 43283 = $49,775

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 20:17

trooper I never say deductions had ANYTHING to do with it IN FACT I sayed just the opposite .

they never said they would bump ELB %15 they said they would change it to %90 percent of pre release salary .

quick quick whats %90 of your pre release salary???

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 20:30

ya see not the same right ?75% of your pre release salary is 40577.25 . so the extra being payed would likely be from cola . %90 of your pre release salary would be 48692.7 now you would have to apply cola to that witch adds up to MORE than is has already due to the cumulative effects of the cola calculations kinda like compound interest and also the fact its being applied to a larger initial amount..

ya see where im going with this?

propat

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 20:45

OK I see what your saying now.

Released with a salary of $57,711

75% of $57.711 = $43,283

90% of $57,711 = $51940

51940 - 43283 = 8657

So a difference of $8657 not 6492 as I previously calculated.

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 20:57

right on buds you got er . couldn't convince a buddy of this who was only getting 1000 due to deductions ( kinda why I brought that up ) got frustrated and left . he still thinks his increase will be about 150 a month before tax when its more like 800 .

oh well at least he will be in for a good supprise when and if this happens .

now those numbers you put up are based on a guy that just got ELB with no COLA calculations since he didn't state his pre release salary OR how many years he has been collecting it . if he has been on it for a few years the increase will be larger .

propat

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 21:04

Absolutely propat...were here to learn....were here to help each other....so thanks for clarifying the numbers as I was adding the 15% to the 75%...I should have calculated the total salary at 90%
Good stuff


Last edited by trooper on Wed 02 Mar 2016, 21:11; edited 1 time in total

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 21:11

well not exactly you would calculate the 15% on ALL of the pre release salary for the increase or more correctly 90% on ALL of the pre release salary then subtract the current payment to get the increase .

of course if its not a newer claim COLA becomes a factor and can add up increasing the increase a good deal.

propat

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 21:13

Correct..I edited my post as you were posting

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Re: Earnings Loss Benefit (ELB) Increase to 90%

Post by Guest on Wed 02 Mar 2016, 21:15

its really best to stay away the 15% thing as much as possible as it does seem to cloud the issue a bit.

propat

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