Excellent Letter on 1099 OID
Author: apsleyflyer [ Sat Dec 18, 2010 12:01 am ] Post subject: Re: Dave Clarence USE OF THE EXECUTOR LETTER A followup for the executor letter You are a donor not an executor.
I guess the bottom line is that do you have the balls to apply general accepted accounting principals GAAP for the trust. I discussed in an old column that we have no problem reporting our income but have this big problem reporting our debt or expenses.
We as donors (giver) have power to appoint who ever we wish to receive funds. We also have the same power to revoke that gift as well.
I think that this is the missing part that some are trying to learn.
When we submit the T5008 its like a margin call on the stock market somebody has to pay. We as first issuer have rights to the margin call.
They gamble on us not finding out about the margin call.
The forms allow us as donors (everything is a gift and we have the right to recall that gift) to recall or use the margin call to cover taxes paid or to have the tax returned to us.
The problem is that the banks ect start to cry when we do the margin call. Their like spoiled little kids having their candy taken away.
Your salary is claimed through your bank statements on the t1141 and you indicate who received the funds on the t1142. This is where they get clobbered.
You may also use a schedule 3 and a T1170 to claim on the SIN account as well. That way we can cover both sides of the trust.
The T4 indicates you have received tax and now you must show distribution of the funds to receive a tax refund.
A note about the executor letter always refer to yourself a Donor and Occupant of the Executors Office never as executor only as executors pay taxes, donors receive the tax funds back.
The donor of credit receives the funds back not the Executor.
Notes on reading and further thoughts
We seem to have a debit account which is the social insurance number 123-456-789, and we have a credit account which is the EIN or RC number, Employee Identification Number, registered corporation number, whatever you want to call it, which is the same number without dashes. So we have both the debit and the credit side, which is the double entry accounting system. This matches public policy and public policy is bankruptcy. There is no gold, there is no silver; we don’t do things with substance; it is based upon credit. All money is therefore debt.
Studing about Trustees and Feduciary relationships:
That trust, established at you birth, is not you, but it does reference an account number tracking you and the trust as being maintained by the public trustees which is why as a public trustee you’re a co-trustee in these affairs you are required to file income tax returns and you are required to do a lot of other fiduciary things. Staying in that position you are not the only fiduciary in this matter because the Canada and United States, being in bankruptcy, are run by the trustee of bankruptcy which is the Secretary of the Treasury in the USA and the Minister of Revenue and Taxation here in Canada. He’s also the governor for the International Monetary Fund {IMF} – (the US Secretary of the Treasury). In other words, in the United States Corporation and the Corporation of Canada nothing can happen without the approval of the Trustee in Bankruptcy, the Receiver in Bankruptcy who is the Secretary of the Treasury. So the legal department is called the Department of Justice, they administer the bankruptcy of the United States and Canada and the accounting department is called the CRA/IRS. They administer the accounting. That’s why we pay taxes to them.
Therefore a promise is payment and a promissory note is as good as cash. Now, the Federal Reserve / Bank of Canada has no desire to help you open up this fraud to public knowledge. They issue and use our credit all the time without our knowledge and consent. We don’t understand that, we don’t understand a promissory note for a car or a mortage for a house is the payment. The bank, itself, lends you nothing. They do some processing but that’s essentially it. Treasury regulations that tells them how much of a percentage that they can get as a fee for processing your credit to the Canadian Treasury through the United States Treasury. The reason the United States Treasury owes you, and is obligated to pay the bills for you, is because they took everything of substance, they took the gold, they took the silver, they took title to your land and title to your car and as I understand it the birth certificate is title to your labor for your lifetime.
Everything you pay out is really a tax!!!!
When you issue your credit to the bankrupt United States/Canada they have borrowed it from you and they owe you a return of principal plus interest. And that’s what the 1040 and the T1141/T1170 form is about. That’s what the 1099/T5008 forms are about. When you do the 1099/T5008 forms (announcements) you’re saying who did you pay taxes to or who did you issue your credit to? And you don’t always know what that is because you don’t know how much of your credit was issued to pay the roads in your county or build the schools or fund that Olympic Village or whatever. So, what I determined is that I can appoint fiduciaries to handle things for me. They are already public trustees. It is their duty and job and they get paid to do this. So, by using a some form (form 56 in USA) which is the appointment of fiduciaries that the CRA /IRS puts out you can appoint the Secretary of the Treasury, trustee and receiver in bankruptcy to investigate the matter for you and fill out what you don’t know. So, if you will do the 1099s/T5008s on what you do know you have pretty much told the government that anything else that has been taken from my account (unknown credit) is either unauthorized or has been done by another party (some government agency or financial institution) is really a form of identity theft.
And essentially I have paid a tax by paying an electric bill for $200. I am paying a tax on something I’ve already pre-funded. If I pay $200 to Hydro, I have paid $200 in tax, one hundred percent tax. Now, they (Hydro) are acting as a withholding agent. They’re withholding taxes that they are obligated to return to Treasury (Bank of Canada) and it’s kind of like a claim process. You check your car into Valet Parking; they give you a claim check to get it back. That’s what the voucher is, the claim check to get your taxes (car) back
Form and more forms
The 1099OID/T1141 or T1170 is specific to render, so in other words, if you pay your, mortgage, $1200 a month for 12 months you have paid Your Bank $14,400 in taxes. Now, Your Bank is obligated to put it to the Treasury. The Treasury is tracking it with the CRA/IRS and if you’re putting a claim form in to get the $14,400 back, the reason a 1099/T5008 is required is because this is an individual account relationship between you and that bank, and if that bank did not return $14,400 to the Treasury then they’re guilty of income tax evasion; they done some kind of fraud or cheating. So if you do not help the CRA/IRS by showing them who you paid your taxes to they do not give you a refund because you’re not helping them with the bankruptcy of Canadian or the United States.
So you need to tell them who you’re paying taxes to. Now, my understanding is that paper money and coins are petty change accounts. They are what you use when you run in and buy something small at the store and nobody wants you to fill out forms to get back $5. The forms would cost more to do. So, essentially, what you use cash for you cannot go in and do a tax return statement on; it’s just petty change and nobody needs to track it. You do your major accounts, your mortgage, your car, your insurance, your electric bill, your gas bill, medical bills, your college tuitions, these will be refundable to you.
Education system just dumbing us down !
You are taught that a bank can only issue your credit. In reality, you can issue your own credit. And the proof that you can issue your own credit is to bring in a 1099OID/T1141 (I think), you are the payer, the SELLER is the recipient, here is the amount of the funds that they have just received. The 1040 voucher (in Canada I think it is the T1141 form) is an authorization to bring this to the bank and go right into the computer system and deposit those funds into the Treasury and get an instant tax refund for the same. Therefore the account is zero. That’s what the voucher {1040V you must fillin 8281 as well in the US } is for. That 1096/T5008 (Sum) form is a summation of how many 1099s/T5008’s you’re putting in. Are you putting in one or are you putting in 50 or is this for the end of the year or just a partial for the year? Single transaction, so unless you mark final on it it’s not a final for the year. It may have one T5008/1099, it may have 13 or it may have 300, whatever. Now, at the end of the year you mark that final. 99 T5008/1099OIDs, the amount is large; there special form that is optically read, in the USA, if you’ll read the tax codes, is supposed to go in by the end of February because you’re supposed to get your reports from corporations by the end of January.
If you get a T4 and you don’t rebut the thing, you have just agreed to be in receipt of wages or income. And if you’re in receipt of wages or income you have to pay taxes. You need to correct this thing somehow with a T4 (amended).
So, if your on top of that were getting, say, wages or a salary for a job which is probably the typical situation out there; say you had $40,000 that was reported on a T4 and you worked for Mission Ford you did not collect wages and you do not report income. You need to correct the T4; you made zero, you didn’t make $40,000. You signed each and every paycheck; therefore you issued the credit for each paycheck. Mission Ford did not. If you do not sign a paycheck or get cash, the accounting (credit) is not approved. The sovereign has to approve the accounting. If you don’t sign it it’s not going to create the credit for you to claim? You need to reverse their accounting entries
On a further note everything we pay for is considered a gift because you received no consideration back. As per title 26 IRS code forms 706 and 709 and gift and income tax guide CRA.
Forms are schedule 3 and T1170 for SIN account claims.
After you have your bonded trust together you show where the distributions from your trust went that is done by T1142 showing who are the executors (trustees) in lieu of unauthorised funds.
You must send in the T5008s first and must have the trust federally incorporated by industry Canada.
