Line 418 - Special taxes
RESP accumulated income payments
If you received an accumulated income payment from a registered education savings plan (RESP) in the year, you may have to pay an additional tax on all or part of the amount shown in box 040 of your T4A slips. Get and complete Form T1172, Additional Tax on Accumulated Income Payments from RESPs. For more information, see Guide RC4092, Registered Education Savings Plans (RESPs).
Tax on excess employees profit-sharing plan (EPSP) amounts
You may have to pay a tax if both of the following apply:
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you are a specified employee (an employee dealing with an employer in a non-arm's length relationship or with a significant equity interest in their employer)
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your employer made contributions to your EPSP for the year that are more than a threshold equal to 20% of your employment income from that employer for the year
Get and complete Form RC359, Tax on Excess Employees Profit-Sharing Plan Amounts.
Tax related to not purchasing replacement shares in a Quebec labour-sponsored fund
You must pay a special tax if you redeemed your shares in a Quebec labour-sponsored fund to participate in the Home Buyers' Plan (HBP) or the Lifelong Learning Plan (LLP) but did not buy replacement shares within the prescribed time.
The special tax is the portion of the federal tax credit that you received for the acquisition of the shares that were redeemed to participate in the HBP or LLP and were not replaced within the prescribed time.
Report on line 418 of your Schedule 1 for 2018 the total of the following amounts:
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for credits claimed in all years other than 2015, include on this line the total of the amounts shown in boxes F and L1, plus 60 % of box L2 of your Releve 10 information slips (official slip for the Province of Quebec)
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for credits claimed in 2015, enter on this line the tax credit you received (line 414 of your 2015 Schedule 1) on that portion of shares not reacquired within the prescribed time
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