RL-1 slip - Box O, code RO - Benefits received by a
shareholder
The 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
