Your Questions About Pension Loans Under 55

Helen Your Questions About Pension Loans Under 55

Helen asks…

Will a pension loan effect my tax return?

Dad took out a pension loan and is repaying it back by his job taking out of his check. He is under 55 if this matters or not I dont know. His accountant says he gets 700 in federal back and 100 in state back and we dont understand. The accountant didnt give info about the loan at all but I am wondering if this is what caused his return to be so low. Usually gets 4,000 back total every year.

Please help!
Every year they (mom and Dad) pay their taxes and dont owe the IRS any money. They are getting a second opinion from H&R Block. This acountant has done their taxes for 10 years but, this year he sent them to another person and that person did the taxes because he merged with another accountant. So anyway my parrents dont know what is going on right now.

admin answers:

Sometimes if you did not pay your regular income tax return.

Nancy Your Questions About Pension Loans Under 55

Nancy asks…

What relevence does The Royal British Legion have for Britons aged under 50?

I am a member of The Legion and Membership & Recruiting Secretary for my Branch and I am on our County Committee.

The Legion membership of 440,000 has most of its number aged over 70, indeed, I am a young member being aged only 55 – grin.

The Royal British Legion has responsibility for some 10.5 million people who are ex-service men and women or their dependents and relatives.

If someone serves a minimum of 7 days then they, when they leave the service, and their dependents and family are entitled to Legion assistance.

The Legion provides grants and loans, respite care and holidays, insurance and financial advice, welfare help, visiting the sick an disabled in hospital and in the home, mental health and post-traumatic stress disorder help, Gulf War Syndrome and Nuclear Tests, help with homelessness or leaving prison or alcohol and/or drug abuse, careers advice and small business loans, education and Battlefield Tours, representation at Tribunals for War Pensions and such, assistance in paying for wheelchairs and other adaptions, help in moving, help in visiting hospital.

Fundraising is our second most important activity and the Poppy Appeal starts on the last Saturday in October and continues through to the Sunday closest to November 11th – Remembrance Sunday. Though that is only the pubic face of the Poppy Appeal because it continues until the end of May the following year and is 6 months long; the res of the time is devoted to Corporate Sponsorship, individual and Group Events, Members writing books (which I have done – see my profile).

Our most important Duty is that of Remembrance, not just the First World War, but ALL wars. It is often forgotten that millions of families only have a name on a war memorial and no grave because their loved one’s remains were not recovered.

One of my Duties as Branch Membership Secretary is researching the names for our new war memorial, which was unveiled in April 2007 and had the name of Corporal Ivano Violino under the heading of Afghanistan 2007 added last year.

So, what relevence do we have to the majority of the British population, who have not served in the Armed Forces?

admin answers:

Interesting question. Sadly I think the answer may be not a lot. Often people’s only knowledge if the British Legion are your network of social clubs where members can go and buy a drink (soft or otherwise) and meet other members. I’m not even sure that a lot of people associate the RBL with the Poppy Appeal anymore, the publicity doesn’t always make it clear enough.
The RBL missed a vital chance to get it’s message over to younger people with the current conflicts so much so that Help for Heroes was born and is thriving.
My children and their friends have friends and family serving at present and they direct their support and fund raising to that charity.
Your press and publicity department needs to address that. Remembrance is very important but so is doing something to actively support today’s service person and that is what the younger people feel the need to do.
In your question you talk about helping the service personnel of yesterdays conflicts but say nothing of helping today’s victims.

Donald Your Questions About Pension Loans Under 55

Donald asks…

How would you vote or feel if what is listed below was a small piece of the budget?

Here is part of the plan thought of, but the government does not want to listen to history or to someone who has experiences in dealing with problems.

A) Scrape the present taxation system completely, and create a flat tax of 17.5% across the board regardless of income. This would create an increase of take home money to the people of about 55.5%
B) Ask all Canadians to accept a wage and salary freeze for a period of 3 years @ 2008 levels. (Except for politicians who truly care for this country and its people. see next point)
C) Politician should be willing to be leaders in tackling this problem since they are part of the solution/issue.
- Therefore they should take a pay cut of 34%. This would release Millions of dollars to be re-allocated.
- Also, thier pension plans should fall in line with the guidline of the average Canadian based on the Maxium allowable under the Canada Pension Plan.
- The removal of the 8 year clause for quailifing for full pension.
D) implement a reward or penality system in regards to business/corporations as follows:
Reward – no taxes to be applied up to an amount of $1 Billion of Gross profits if 25% of that amount is re-invested in Canada only (not oversea ventures). This would help create jobs, build infrastrues, broaden employment, educate workers, and help stimulate the economy of the future. (ie: expansions, r&d, new products, new program.) This also allows companies the pride of giving back to this country.
Penality – 32% tax for any amount of money sent out of this country. This helps Canada because it is compensation for lost of present and future revenue. (ie: jobs lost or not created)
To help equal out the playing field pass legislation to cap the gross mark-up/profit margins of selling goods 35.3%. This would create a competitive field for better quality and workmanship. Because the present taxation system would be scraped there would not be a manufacturing tax, HST, GST or PST.
In regards to Provincial/Federal Crown Corporations they must follow the guidline just like everyone else.

For students who recieve loans allow them the same amount of time to pay back the loan as it took them to get into debt interest free
ie: if they borrowed for 5 year then allow them 5 years to pay it all back. Any outstanding balance after their interest free period, would then become due or interest will be added to that balance at prime + 1.5%

This is just a part of what can be done when listening to the Canadian People.

admin answers:

?? Sounds good…would it ever happen….when pigs fly icon smile Your Questions About Pension Loans Under 55

Betty Your Questions About Pension Loans Under 55

Betty asks…

What relevence does The Royal British Legion have for Britons aged under 50?

I am a member of The Legion and Membership & Recruiting Secretary for my Branch and I am on our County Committee.

The Legion membership of 440,000 has most of its number aged over 70, indeed, I am a young member being aged only 55 – grin.

The Royal British Legion has responsibility for some 10.5 million people who are ex-service men and women or their dependents and relatives.

If someone serves a minimum of 7 days then they, when they leave the service, and their dependents and family are entitled to Legion assistance.

The Legion provides grants and loans, respite care and holidays, insurance and financial advice, welfare help, visiting the sick an disabled in hospital and in the home, mental health and post-traumatic stress disorder help, Gulf War Syndrome and Nuclear Tests, help with homelessness or leaving prison or alcohol and/or drug abuse, careers advice and small business loans, education and Battlefield Tours, representation at Tribunals for War Pensions and such, assistance in paying for wheelchairs and other adaptions, help in moving, help in visiting hospital.

Fundraising is our second most important activity and the Poppy Appeal starts on the last Saturday in October and continues through to the Sunday closest to November 11th – Remembrance Sunday. Though that is only the pubic face of the Poppy Appeal because it continues until the end of May the following year and is 6 months long; the res of the time is devoted to Corporate Sponsorship, individual and Group Events, Members writing books (which I have done – see my profile).

Our most important Duty is that of Remembrance, not just the First World War, but ALL wars. It is often forgotten that millions of families only have a name on a war memorial and no grave because their loved one’s remains were not recovered.

One of my Duties as Branch Membership Secretary is researching the names for our new war memorial, which was unveiled in April 2007 and had the name of Corporal Ivano Violino under the heading of Afghanistan 2007 added last year.

So, what relevence do we have to the majority of the British population, who have not served in the Armed Forces?

admin answers:

I hate to say it, but not a lot. I’m ex forces and I can’t see
myself going along to my local British Legion. It may be time to update the image. It may be time to join with different organisations to form an Umbrella organisation for all ex forces members.

I appreciate the work that the legion does but I can’t see that the “me first” culture that we have is going to help the legion survive into the 21st century.

Good luck anyway.

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