Are you reporting a qualifying retroactive lump-sum payment on form T1198?

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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 answer “Yes”, you will not be able to NETFILE, but if you answer “No”, you will be taxed on your whole lump sum this year.

For more information please follow our TurboTax Article T1198 Form – Statement of Qualifying Retroactive Lump-Sum Payment

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