Feb 19, 2025 · This form is for payers who paid a qualifying retroactive lump-sum payment (QRLSP) to an individual (other than a trust) in 1995 or later years, and for recipient. You must download and open fillable PDFs in Acrobat Reader 10 or higher. You can order alternate formats such as digital audio, electronic text, braille, and large print.

You are eligible for a special tax calculation when you file your 2024 income tax and benefit return. You will need to get Form T1198 or a letter containing equivalent information from your employer. Starting this year, you can submit your return electronically if you are reporting a …

The Statement of qualifying retroactive lump-sum payment (T1198) is now available and unlocked in TurboTax Online. It is available in TurboTax Desktop in Forms mode, but it's still locked.

Dec 10, 2020 · The Form T1198 – Statement of Qualifying Retroactive Lump-Sum Payment is a form you submit to the Canada Revenue Agency (CRA) if you received a lump sum payment and would like them to complete a special tax calculation that takes into account the unusual nature of this lump-sum payment.

If you've received a T1198 (Statement of Qualifying Retroactive Lump-Sum Payment) or a letter, you'll need to take special steps to file...

Mar 8, 2025 · In this guide, we break down CRA’s T1198 Form, explaining: ️ How it helps you save on taxes ️ Who issues the form and why it matters ️ Step-by-step instructions for claiming it ️ Essential documents to provide your tax accountant 📌 Don’t let a lump-sum payment push you into a higher tax bracket!

Feb 28, 2025 · How do I map my T1198 letter to the CRA form? ALCDSB issued the email in accordance with Canada Revenue Agency’s requirements for issuing a T1198. CRA allows a form or a letter containing equivalent information from your employer.

Mar 27, 2025 · What is the T1198 Form? The T1198, officially known as the "Statement of Qualifying Retroactive Lump-Sum Payment," is a form you'll receive if you got retroactive pay in 2024. This could be from a salary increase that was applied retroactively or other adjustments to your compensation.

You should have received a form (T1198 Statement of Qualifying Retroactive Lump-Sum Payment), or a letter containing the same information, providing a breakdown of your retroactive payment amounts by the years they apply to.

Mar 7, 2025 · You will need to get Form T1198 or a letter containing equivalent information from your employer. Starting this year, you can submit your return electronically if you are reporting a QRLSP." I have three clients with T1198.