Retro active pay for employees affected with Bill 124
How are you dealing with this issue? The form they were issued was in lieu of T1198 and separates the years in question but it only mentions "principal" amount. My question is, will the tax that they paid on their 2024 T4 stay with 2024 or are they going to adjust the years with the principal/and taxes for that year?
Retro active pay for employees affected with Bill 124
Many teachers as clients who also give me a school board letter with the retro pay by year to fill out form T1198 to send to CRA for adjustment to prior years for recalculation. BUT IN PROFILE form T1198 still showing as draft mode? WHEN WILL DRAFT BE REMOVED? and does the form T1198 get transmitted with Efile or have to send separately. Thank you
Retro active pay for employees affected with Bill 124
Is it safe to tell the client, for this year your refund is $**. When CRA receives the T1198, they will adjust the years accordingly and if you received a refund in past years, with extra income you might have to repay an amount to reflect the overpayment of the refund in the year in question. As it stated on the T1198, I have to include full amount of retro pay on 2024, so that one will also change. More likely a little more on the refund or a little less to owe
Retro active pay for employees affected with Bill 124
TKS for info. Have one long time teacher that looks like has about $30,000 retro payment in 2024 so adjustment may be significant if jumps tax brackets.
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