Line 41800 - Special taxes
Additional tax on RESP accumulated income payments (AIP)
If you received an AIP 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 from box 040 of your T4A slips.
Complete Form T1172, Additional Tax on Accumulated Income Payments from RESPs, and enter the result on line 41800 of your return.
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 special tax if both of the following apply:
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You are a specified employee (an employee who deals with an employer in a non-arm's length relationship or owns 10% or more of issued shares of any class of capital stock of their employer or any employer corporation related to the employer corporation)
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Your employer made contributions to your EPSP for the year and the contributions are more than 20% of your employment income from that employer for the year
Complete Form RC359, Tax on Excess Employees Profit Sharing Plan Amounts, to calculate the amounts to enter on lines 22900 and 41800 of your return.
Tax for not purchasing replacement shares in a Quebec labour-sponsored fund (QLSF)
You must pay a special tax if both of the following apply:
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You redeemed your shares in a QLSF to participate in the Home Buyers' Plan (HBP) or the Lifelong Learning Plan (LLP)
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You did not buy replacement shares within the prescribed period.
The special tax is the portion of the federal labour-sponsored funds tax credit (line 41400) 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 period.
Report, on line 41800 of your return, the total of the amounts from your RL-10 Slip: Tax Credit for a Labour- Sponsored Fund (Revenu Québec):
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box F and box L1, plus
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60% of box L2, plus
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75% of box L3
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See the Taxnet Pro™ T1 Line-by-Line Guide (subscription required): Line 41800 - Special taxes |
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