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.https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payr[…]ons/special-pa...
For more information, we suggest contacting CRA directly.
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