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ekim

T4A-box 119-premiums paid to a group term life insurance plan

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Hi ekim,

 

You received a T4A slip with an amount shown in Box 119 pertaining to the benefits for premiums paid for group term life insurance policy.

For Quebec residents, this amount is displayed in Box L of the RL-1 slip and it is included in Box A of the RL-1.

To enter this amount, please follow the steps below:

1- In the "Left side menu on the Interview tab", select "Interview setup".

2- In 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 "Pension income, T4A". On the page to your right, click on the plus sign "+" icon to the right of the line "T4A - Pension, retirement, annuity, and other income".

4- On the page that appears entitled "T4A - Pension, retirement, annuity and other income", go to line "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 the option "(119) Premiums paid to a group term life ins. plan" and enter the amount shown on your T4A slip.

 5- For Quebec residents, return to the "Left side menu on the Interview tab", select "T4 and employment income" and on the screen to the right, choose "T4 and RL-1 (Relevé 1) income earned in Quebec".

6- On the page that appears, enter the T4 information and the RL-1 slip information. In Box 40 enter $0.00, then click on the "Maple Leaf" icon next to it and enter the amount from Box L of the RL-1 slip.

Note: if this benefit is related to your former employer, you must add the following procedure: Go to the "Other Information (click on the triangle to see the list of choices)" section located at the bottom of the page, choose the option "RL-1 (211) - Benefit related to previous employment" from the drop-down menu and in the field on your right, enter the amount from Box 211 which should be identical to the amount in Box A of the RL-1.

The amount will be entered by the program on line 104 of the federal return (Other employment income) and for Quebec residents, on line 101 of the Quebec return.

For more information on this, please consult the following links:

For the CRA:

http://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/group-term-life-insurance-policies-employer-paid-premiums.html

 

or Revenu Québec:

http://www.revenuquebec.ca/en/sepf/publications/in/in-253.aspx

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