Other amounts you need to report throughout the return
Retroactive lump-sum payments
If you received a lump-sum payment of eligible income in 2020, parts of which were for previous years after 1977, you must report the whole payment on the appropriate line of your return for 2020. These amounts are shown on a completed Form T1198, Statement of Qualifying Retroactive Lump-Sum Payment, provided by the payer.
You can ask the CRA to tax the parts for previous years as if you received them in those years. The CRA can apply this calculation to the parts that relate to years throughout which you were resident in Canada if the total of those parts is $3,000 or more (not including interest) and the result of the calculation is better for you. The CRA will tell you the results on your notice of assessment or reassessment.
Loans and transfers of property
You may have to report income, such as dividends (line 12000 of your return) or interest (line 12100 of your return), from property (including money and any replacement property) you loaned or transferred to your spouse or common-law partner or a related minor (including a niece or a nephew) under 18 years of age at the end of the year. This includes loans or transfers to a trust in favour of such a person.
You may also have to report capital gains (line 12700 of your return) or losses from property you loaned or transferred to your spouse or common-law partner or to a trust for your spouse or common-law partner.
For more information, see interpretation bulletins IT-510, Transfers and Loans of Property Made After May 22, 1985 to a Related Minor, and IT-511, Interspousal and Certain Other Transfers and Loans of Property and T4013, T3 Trust Guide.
Tax shelters
To claim deductions, losses, or credits from tax shelter investments, see your T5003 or T5013 slips, and complete Form T5004, Claim for Tax Shelter Loss or Deduction.
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