I received a lump sup payment of over $3000 this year (I am a teacher who received retro pay), will I have an opportunity to include this in my tax return?
I received a lump sup payment of over $3000 this year (I am a teacher who received retro pay), will I have an opportunity to include this in my tax return?
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.
I received a lump sup payment of over $3000 this year (I am a teacher who received retro pay), will I have an opportunity to include this in my tax return?
Is this “special tax calculation “ something that I must do IN ADDITION to filling out the T1198 form? Or is it simply filling out the information on the T1198?
I received a lump sup payment of over $3000 this year (I am a teacher who received retro pay), will I have an opportunity to include this in my tax return?
@taniapack The T1198 *is* your request for the special calculation.
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