RL-1 slip - Box O, code RO - Benefits received by a shareholderThe amount for the benefits received by a shareholder is taxable and is included in Box O of the shareholder's RL-1 slip, with code RO.
For more information on this topic, please consult the following links:
For the CRA:
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4130.html
For Revenu Québec:
https://www.revenuquebec.ca/en/businesses/source-deductions-and-employer-contributions/filing-rl-slips-and-the-rl-1-summary-general-rules/
https://www.revenuquebec.ca/en/online-services/forms-and-publications/current-details/in-253-v/
Note that if the shareholder is also an employee, the benefit pertaining to the use of a motor vehicle will be displayed on the RL-1 in Box A and W, whereas, if the shareholder is not an employee and has benefitted from a loan, the benefit of this loan will be displayed on the RL-1 slip with an amount in Box O and code RO.
To enter the amount of the O Case 1 Survey, please follow the steps below:
1. On the "Left-side menu on the Interview tab", select "Interview setup".
2. On the screen on your right, go to the "Pension" group, check the box for "Pension income. Other income and split pension income (T4A, T4A(OAS), T4A(P), T4A-RCA, T4RSP, T4RIF, T1032)" and click "Next" at the bottom of the page.
3. Return to the "Left-side menu on the Interview tab" and select "T4A and pension income".
4. On the page generated on the right, click on the plus "+" icon to the right of the line "T4A - Pension, retirement, annuity, and other income".
5. On the page that appears entitled "T4A - Pension, retirement, annuity and other income", go to the line for "Other information (click on the triangle to see the list of choices)" located in the middle of the page. Then, from the drop-down menu, choose "(117) Loan benefits" and enter the amount that appears on your T4A slip.
6. For Quebec residents: If the amount in Box O of the RL-1 differs from the one shown on the T4A slip, click on the "Maple Leaf" icon next to the corresponding federal box and a new box will be displayed where you can enter the amount for Quebec. This box will only appear if you enter the federal amount first.
7. If you have not received a T4A slip, enter $0.00 for the federal amount and click on the "Maple Leaf" icon to enter the amount from Box O of the RL-1 slip.
The amount will be transferred by the program to line 13000 of the federal return and to line 154 of the Quebec return, and Code 03 will be displayed on Quebec line 153.
ID: 20200203095406DE.xml
Webpage: KPA365-20200203095406DE.htm