• T4A-RCA slips Data entry

In order to complete the T4A-RCA Statement of Distributions From a Retirement Compensation Arrangement (RCA) you must enter each recipient's information using separate T4A-RCA data entry forms. Additional forms can be opened by choosing the "Add forms" icon or by going to Forms, Add form on the menu tool bar. Multiple data entry forms can be opened simultaneously by entering the requested number in "Number of copies selected for each form" in the "Add Forms" dialogue box.

Completing the T4A-RCA slip, Statement of Distributions From a Retirement Compensation Arrangement (RCA)

You have to complete a T4A-RCA slip for each beneficiary who received a payment or for each person who sold an interest in an RCA, as the case may be. In some cases, you have to prepare a T4A-RCA slip for amounts the RCA trust refunded to the employer or the employee.

You have to enter the following information on the T4A-RCA slips:

Year
Enter the four-digit calendar year for which you are preparing the T4A-RCA slip.

Box 12 – Refund of employer contributions
Enter the amount, if any, that the RCA trust refunded to the employer. Include a transfer of funds from this RCA trust (the transferring plan) to another RCA trust (the receiving plan) if the custodian of the receiving plan is a non-resident, or if the receiving plan is a foreign plan that is considered by subsection 207.6(5) to be an RCA for Canadian residents participating in the plan.

Note
Do not include in box 12 any transfer of funds made directly from a transferring plan to a receiving plan if the custodian of the receiving plan is not a non-resident and the receiving plan is not a foreign plan that is considered by subsection 207.6(5) to be an RCA for Canadian residents participating in the plan.

Box 14 – Refund of employee contributions
Enter the amount, if any, that the RCA trust refunded to the employee, including voluntary employee contributions made to the RCA.

Box 16 – Distributions
Enter the amount you paid to the beneficiary as benefits from the RCA trust. Do not include a refund of employee contributions or amounts paid to purchase an interest in the RCA.

Box 17 – Distributions eligible for pension income splitting
Enter the amount included in box 16 consisting of payments made in the year to the individual out of or under an RCA that:

• are in respect of a life annuity that is attributable to periods of employment for which benefits are also provided to the individual under a registered pension plan

• provide benefits that supplement the benefits provided under a registered pension plan (other than an individual pension plan for the purposes of Part LXXXIII of the Income Tax Regulations)

Box 18 – Selling price of an interest in the RCA
If you bought an interest in the RCA, enter the amount you paid to the recipient for the interest in the RCA (the purchase price before you withheld 50% tax).

Box 20 – Other amounts
Complete box 20 if the RCA trust:

• disposed of property for consideration less than the fair market value (FMV) of the property;

• acquired property for consideration greater than the FMV of the property; or

• permitted the RCA trust's property to be used for consideration less than the FMV of such use.

Under subsection 56(11), the amount to include in box 20 is the difference between the consideration and the FMV.

Box 22 – Income tax deducted
Enter the amount of income tax deducted from distributions or from the purchase price of the interest, as the case may be.

Box 24 – Social insurance number
Enter the recipient's social insurance number.

Recipient's name and address
Enter the last name in capital letters, followed by the first name and initial, and the complete address of either the individual who received an amount from the RCA, or of the person who sold an interest in an RCA to another person, as the case may be.

Name of custodian, or person who bought an interest in the RCA
Enter the full name of the custodian or the full name of the person who bought an interest in the RCA, as the case may be.

Box 61 – Payroll Account Number
Enter the custodian's Payroll Account Number or the Payroll Account Number of the person who bought an interest in the RCA, as the case may be. The custodian's Payroll Account Number has to be the same as it is on your Form PD7-A receipt.