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RETIREE DISCOUNT CLAIM
We submitted a claim on behalf of retirees for the terminated Retiree Discount.
The Liquidator initially disallowed the claim. After two contested claims
hearings before Claims Officer Hilda McKinley (a Retired Justice of the Ontario
Court of Appeal) who ruled that the claim was valid, we settled the Retiree
Discount claim with the Liquidator in the amount of $1000 per eligible retiree.
On May 15, 2002, Mr. Justice Farley issued an Order approving the settlement.
The Liquidator has released dividend payments to eligible retirees in respect
of this claim.
Under the procedure set out in the Court Order approving the retiree discount
settlement, the Liquidator mailed out a Questionnaire and a Statutory
Declaration to each person identified in Eaton's records as qualifying for the
retiree discount and also ran advertisements in national newspapers. The
deadline for submitting the completed Questionnaire and Statutory Declaration
was July 15, 2002 pursuant to the court order of Mr. Justice Farley of
May 15, 2002. We also made these forms available in the summer of 2002 on this
web-site and directed retirees to the forms on our hotline. Please note that
simply completing the Questionnaire and a Statutory Declaration did not
guarantee a dividend payment for this claim. Each form was reviewed by the
Liquidator to ensure only eligible persons receive a dividend.
We are pleased to report that the Canada Revenue Agency ("CRA") has confirmed
to us that dividend payments to Retirees in respect of lost retiree discount
are not taxable. Therefore, retirees need not include this dividend payment as
taxable income on their Income Tax returns. To view a copy of CRA's letter of
March 21, 2003, please
click here.
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