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Form last updated: 03/2024. Please verify this is the current version before use.
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What is a T1198 used for?
Form T1198 is used to report specific retroactive lump-sum payments of $3,000 or more from prior tax years. This form allows Canadian taxpayers to potentially reduce their tax obligations by reallocating income to the years it was originally earned. It is relevant for individuals receiving such payments due to legal decisions or arbitration.
Who needs to fill out a T1198 form
The payer of the lump-sum payment must complete this form, and the recipient should retain it for their records and use the information to complete their tax return.
How to fill out a T1198 online?
Follow these steps to complete your T1198 form online.
Frequently Asked Questions
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A retroactive lump-sum payment is a single payment of $3,000 or more received in one tax year that pertains to earlier tax years, often from sources like court rulings or arbitration.
The entity that made the qualifying payment must complete Form T1198, and the recipient should use the information to complete their tax return.
Form T1198 is not needed for payments related to legal expenses, salary reimbursements, or other specified benefits.
