Releve 10 FTQ queries

[Syphix]

Hello, 

I have some queries on how to fill in the RL-10 FTQ form.

I have contributed from march 2019 to feb 2020 but i have over contributed.

My total contribution limit is 4410 but i have contributed 3650 in 2019 and 1250 for period jan to feb 2020.

Questions:

1) Do i fill in 2 forms for RL-10 - FTQ under 'Other information slips' section. One for march-dec 2019 and one for 'first 60 days 2020'?

2) I have filled in the box A and B in first section of 'RL-10 - FTQ' for both FL-10 - FTQ forms but i don't understand how to fill in this section 'RRSP'>'Amount of contribution eligible for the RRSP deduction'. 

3) In the form 'RRSP contribution, limits'. Do i need to enter my maximum contribution of 4410 in section 'RRSP or PRPP VRSP deduction to use in 2019' > 'RRSP or PRPP VRSP deduction to use (...)'?

[Antoine7]

Hello Syphix,

FTQ - How to enter information from the RL-10 slip - Quebec

You may qualify for the tax credit for the purchase of labour-sponsored funds (LSF) shares if, in the current tax year or within the first 60 days of the following tax year, you acquired Class A LSF shares.

These shares may also be considered as contributions to your RRSP or to your spouse's RRSP.

To enter your contributions, please follow these steps:

1. On the "Left-side menu on the Interview tab", select "Other information slips".

2. On the screen appearing on the right, choose "RL-10 - Fonds de solidarité des travailleurs du Québec (FTQ)".

3. Once on this page, on the line ''Period'', click on the drop-down menu and enter the period during which your payments were made by choosing either ''Amounts paid after the 60th day of 2019 " or ''Amounts paid in the first 60 days of 2020".

4. If you contributed to an FTQ fund, enter the amount from Box A only, and the program will automatically calculate the credit of Box B. The credit will be claimed on the appropriate lines of both the federal and Quebec tax returns.

Attention: If you have overpaid the Workers' Fund, it is possible that you have amounts of enrollment in boxes C and D. If so, please enter them.

5. If these shares are contributions to your RRSP or your spouse's, you must specify it. To do so, go to the "RRSP'' section, and for the line ''Amount of contribution eligible for the RRSP deduction", choose the option that applies to your situation from the drop-down menu, and enter the amount of your RRSP contribution if it is not the same amount as Box A of the RL-10 slip.

6. Then, in the "RRSP contributions, limits" section under the "Left-side menu on the Interview tab", you must specify your RRSP deduction limit as per your latest Notice of Assessment sent to you by the CRA. You should not re-enter the information of the RL-10 in this section, as you have already entered the information on the RL-10 page under ''RL-10 - Québec labour-sponsored tax credit''.

Your deduction for your RRSP will be carried over on line 20800 of your federal return, as well as on line 214 of your Quebec tax return, and the tax credit for the labour-sponsored fund will be entered on line 41400 of federal Step 5, as well as on line 424 of the Quebec return if applicable.

The program will carry over your credit, as appropriated, if you need it to reduce your federal or provincial amount of tax payable.

In the "Review" tab, a "Warning" will be displayed asking you to review your data. Please disregard this message as the program considers the maximum allowable credit.

For more information about this topic, please consult the following links:
For the CRA:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-413-414-labour-sponsored-funds-tax-credit.html

For Revenu Quebec:

https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/400-to-447-income-tax-and-contributions/line-424/