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Under the page :" Publicity traded shares, mutual fund units, deferral ... " why do I need to enter box 38 from my T4?


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Hello

Box 38 of your T4 slip is the amount of employee stock purchase option benefits. This amount is already included in T4 box 14.

To claim the deduction, you will also need to indicate the portion that is eligible as a stock option deduction.  Your employer must provide this amount if applicable.
In the section T4 footnotes at the bottom of the T4 page, select the correct stock option deduction box and enter the corresponding amount from your T4 slip.
The program will then claim the proper deduction on line 24900 of the federal income tax return and on line 297 of the Quebec income tax return.

 

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Hi, 

Thanks for the reply, but my main question was that when I sold my company's stock and wanted to enter the info in the Ufile page with the title " Publicity traded shares, mutual fund units, deferral ....."  There is a box that says " Stock options benefits included as employment income (T4 box 38)"   , so my question is if I need to enter the value in this box from my T4 box 38?  If I do that it will change schedule 3 form column 3.   Is this correct? 

Thanks,

 

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Hello,

Box 38 of your T4 is added to the Adjusted Cost Base thereby reducing your capital gains. 

Enter the stock option benefits realized with the disposition of employee stock option shares.

This amount should be entered to avoid double taxation on the benefits already included as employment income from the T4 slip or as a disposition of deferred stock option shares.

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Thanks again for your reply.

Now my question is if I should enter the whole value of box 38 in T4 for each of the stocks of my company that I sell, or just the amount that is the portion of that stock.

For example my box 38 shows 100k, but I sold 50 of my company's stock and that base amount is 10k. I assume I need to only enter 10k in the box " Stock options benefits included as employment income (T4 box 38)  not the whole amount from box 38 in T4 .  Am I correct?

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Hello Mehrdadufile,

Please contact UFile Support so we may review the file confidentially and so we may have all the relevant details of the file
For telephone support, please call: 514-733-8414 or 1-888-633-8414.  Please specify that you were asked to send in a confidential (and anonymous) file.
An agent can review the issue with you.
If you prefer, you can also open a request ticket on-line https://www.ufile.ca/contact/contact-us

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