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If in the 2024 tax year, you received a retroactive payment of $3,000 or more from arbitration awards related to Ontario Bill 124, it is considered a Qualifying Retroactive Lump-Sum Payment (QRLSP). 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 QRLSP.
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Wondering if you know: I worked for 2 school boards during the Bill 124 affected period. With one school board the retro is above the $3000 threshold but with the second school board the retro is not above the $3000 Should I get T1198 forms from both? Or just from the over threshold school board?
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From the Board in which the threshold was greater than $3000
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The T1198 is still not working as of Monday. I will check again tomorrow.
Question: I am getting conflicting info on whether we will need to send a paper copy of our return or can send it electronically this year if we fill out a T1198. I am told you will be setting up an electronic filing.
Thanks
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CRA states on their website that you will be able to file a return with a T1198 electronically. My prior post was a cut and paste from their website. Hopefully Turbotax gets the glitch out of the form soon!
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I just put T1198 in the search bar in the Intuit site.
So I cannot submit my form either. The error message reads :
"The breakdown of principal (total of boxes 68520 through 68560) must equal the total principal amount (box 68519)."
I have done this 4 times. The numbers are right.
sooooo.... this is annoying. Turbo Tax please help!!!!!!!
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@bigdee008 The T1198 form should be unlocked now. We have released a new update within the software. Make sure your TurboTax software is up-to-date.
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Go to Forms view, then in the bottom left corner click on the middle tab (Forms) check if you see T1198 listed - if not listed, on the bottom of the list click on Form lookup... then on popup window either search or scroll on the list of forms, double click on T1198 and it will be added for you. Then you will find yourself in my situation that you cannot put 2024 in the "Year of payment" field - only 0 to 2023 ...
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Hi
This morning (17 Mar 2025) updated desktop TT Home@Bus with (T1198 mentioned in information for update) but no change I cannot enter 2024 as "Year of payment" in the form. On second computer I did update and created return from the scratch with same outcome.
I do not see this resolved unfortunately....
Thanks
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I am trying to understand what is limitation on the field "Year of payment" in the form T1198 when attempt is made to enter 2024 pop up advising "Please enter a value between 0 and 2023" has to do with CRA?
Looks like code for checking this filed of TT for 2023 is still surviving in this "updated" code of TT 2024.
Looks like we are yet not on the same page even as we applied the update this morning on 17 Mar 2025.
For the great team of Intuit developers this cannot be task bigger then 1 minute to change and 15 minutes to package into fix to be updated.
We have this going for a while, is it possible to have someone really look into this.
Thank you