Author Topic: SISIP LTD 2002 - 2018  (Read 334812 times)

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Offline Teager

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Re: SISIP LTD 2002 - 2018
« Reply #375 on: July 26, 2016, 15:02:12 »
Be prepared that SISIP LTD will take into account how much you have made this year already if you haven't fully released yet.

Offline gryphonv

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Re: SISIP LTD 2002 - 2018
« Reply #376 on: July 26, 2016, 15:07:15 »
For taxes paid or for income? I would understand the taxes paid, but hopefully its not income and they say something like... oh he's already made 70% of his 75% for the year. We only need to top him up to 5%.

Offline Teager

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Re: SISIP LTD 2002 - 2018
« Reply #377 on: July 26, 2016, 15:21:29 »
For taxes paid or for income? I would understand the taxes paid, but hopefully its not income and they say something like... oh he's already made 70% of his 75% for the year. We only need to top him up to 5%.

I was released 10 days into the year and didn't think much of it when I started receiving LTD. Then the next year I noticed I was getting more so I did the math and they had taken the 10 days worth of pay I got. Someone with a little more insight might have to answer this but I'm pretty sure they take the income you got for the year already and deduct that.

Offline gryphonv

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Re: SISIP LTD 2002 - 2018
« Reply #378 on: July 26, 2016, 15:28:48 »
Yeah nothing I have had with my sisip manulife manager mentioned this. The disclosure he gave me was 75% of my monthly salary on release. I hope this isn't the case. I'm hoping you were just indexed at inflation. Time will tell, but the long and short, its going to be a tight few months if what you say is true. I'll be looking at $10k income for the rest of the year (before tax) vs 18k.

Offline Teager

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Re: SISIP LTD 2002 - 2018
« Reply #379 on: July 26, 2016, 15:34:51 »
True but then there's that ELB 90% come October but no one knows what's happening with that in regards to SISIP.

Offline gryphonv

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Re: SISIP LTD 2002 - 2018
« Reply #380 on: July 26, 2016, 15:44:55 »
Good Point.

After ELB at 90% you will be technically taking home more a month. I'm pretty sure its going to be a cluster though, nobody has officially stated who pays it (manulife or VAC). Like the disability award top up next year. I hope nobody is expecting to see any money in April, I think a more realistic estimate would be December.

Offline paleomedic

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Re: SISIP LTD 2002 - 2018
« Reply #381 on: July 26, 2016, 15:58:17 »
SISIP also only deducts the bare minimum in taxes each month. So unless you are on top of your stuff, be prepared to owe some money at tax time. We learned that the hard way ($3000 lesson)

Offline gryphonv

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Re: SISIP LTD 2002 - 2018
« Reply #382 on: July 26, 2016, 17:39:56 »
Thank you, that is good food for thought.

Offline W.jones

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Re: SISIP LTD 2002 - 2018
« Reply #383 on: September 16, 2016, 21:30:57 »
I retired from the army to become a financial adviser and insurance agent. I am a licensed broker within Alberta, and my company has agents licensed in every province, as well as two of the territories. I would gladly help anyone in getting in touch with someone who can answer their questions, as well as answer any here anyone might have.

T-75 insurance is like renting. You pay for it, but don't own it. Permanent insurance is like owning it. You pay into it, and you get to keep it. You can take out policy loans, and even cash it in when you want.

There are several types of insurance available, and unless you cannot afford permanent insurance, there really isn't much reason to go with term as a form of wage replacement. Term is a great option for things like a mortgage, or any major purchase that you only need to cover for a set period of time, and don't want to pay higher rates. You can also do a Renewable and Convertable rider on term insurance, so that you can convert it to permanent insurance without having to prove insurability. This makes term insurance a great option for younger people who need the coverage, but cannot afford the premiums for permanent. This way, they confirm that they will not get denied insurability in the future due to any diagnosis. Alternatively, you can also add a term rider to permanent insurance to add coverage for a mortgage, etc. if you want permanent, but need additional coverage for major purchases.

Anyways, there are many more options available, and surprisingly, many with extremely great rates. I suggest anyone wanting to know what they need sit down with a broker, not just an agent, some time. A broker has access to multiple companies, instead of just one. This means they can compare insurance from multiple companies and find the best rates and coverage for you.

Offline W.jones

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Re: SISIP LTD 2002 - 2018
« Reply #384 on: September 16, 2016, 21:35:45 »
Term insurance, regardless of the insurer, has zero residual value.

The SISIP term insurance has decent rates; its one compelling factor for military members is that it does not have an exclusion for death due to an act of war; other policies generally do.

I am not a financial advisor or insurance advisor.  I would suggest you find a good financial advisor to determine what insurance would be appropriate for you at this point in your life.  If you're debt free with no dependants, it may not be necessary to continue to carry coverage; that's a decision you should make in consultation with a trusted advisor.


As an adviser, I would definitely recommend consulting with an adviser as well. Even if you are debt free with no dependents, there very well may be, and often is, a need for insurance still. Estate planning can be very tricky if you do not consider the result of taxation of the estate after death, as well as any other factors, such as businesses owned, or property. The only way to know what kind of coverage is right for you is to sit down and calculate all your assets and debt, and see what the result will be after taxation.

Offline Renegade68

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Re: SISIP LTD 2002 - 2018
« Reply #385 on: October 08, 2016, 13:28:03 »
Hi all long time lurker, first post! I have gained some really good info from this site and despite having looked around could not find  an answer to the question I have about SISIP.
I was 3B released on 25 Aug/16, I applied to SISIP and they have received my forms etc, however they are still awaiting my med file. My question is this, when SISIP approve me for payment will they start from approval date or application date? In other words will I receive something for September, if claim is approved in October?.
I read elsewhere on this forum that SISIP takes  about 6 weeks , so I am still on track I suppose. Case worker at SISIP has been very receptive to my calls and has expressed frustration at delay in my release documentation.

VAC have already told me that I will receive the top up to 90% on the ELB as soon as SISIP  is in place.
The experience I have had with VAC so far has been quite good, my ELB and Rehab were approved within 3 weeks of application. Still awaiting word on disability awards.
Thanks in advance for any insight you can give me.
Cheers, :salute:
« Last Edit: October 08, 2016, 15:42:57 by Renegade68 »

Offline Teager

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Re: SISIP LTD 2002 - 2018
« Reply #386 on: October 08, 2016, 19:22:04 »
If SISIP approves you they will back date your pay to 26 Aug/16.  Expect your pays to be around the 20th of each month give or take.

Offline Renegade68

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Re: SISIP LTD 2002 - 2018
« Reply #387 on: October 08, 2016, 20:35:58 »
Thanks, for the reply Teager. Good to know about payment dates for future.

Offline Renegade68

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Re: SISIP LTD 2002 - 2018
« Reply #388 on: August 23, 2017, 19:33:55 »
Currently, if you phone the SISIP 1 800-565-0711 number, you will receive a message saying " if you are calling about the 2014-2017 pay increases, please note we are continuing to await further direction before making retroactive adjustments. Once adjustments have commenced this message will be updated" (or words to that effect)
Does anyone know why the direction on these adjustments is taking so long?

Offline PMedMoe

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Re: SISIP LTD 2002 - 2018
« Reply #389 on: August 23, 2017, 19:45:16 »
Could be the same as the severance pay where they have to do it individually.
"A good traveler has no fixed plans, and is not intent on arriving".
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Offline AIRFORCE26

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Re: SISIP LTD 2002 - 2018
« Reply #390 on: March 03, 2018, 15:09:38 »
Good day everybody I have a chronic Illness which I am degenerating , I am currently on LTD I just have a question. How does it work if My wife and I want to get a second home. Do i have to declare that as income ? will my monthly LTD Payment decrease. I hope somebody can help me.

Thank you

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Offline Teager

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Re: SISIP LTD 2002 - 2018
« Reply #391 on: March 03, 2018, 15:26:11 »
If you are planning on renting one of the homes then yes this will be seen as income. If the home is in your wife's name and the income goes to her then it will have no effect on you or LTD.

If you have a second home and use it for yourselves with no income being made from it then your LTD would not be clawed back.

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Re: SISIP LTD 2002 - 2018
« Reply #392 on: March 03, 2018, 17:48:15 »
Good day everybody I have a chronic Illness which I am degenerating , I am currently on LTD I just have a question. How does it work if My wife and I want to get a second home. Do i have to declare that as income ? will my monthly LTD Payment decrease. I hope somebody can help me.

Thank you

I appreciate this site and everybody who has served and is currently serving.

You don't need to post the question more than once, especially since you already have an answer here.