New additional information codes related to the repayment of benefits paid under a government assistance program to support workers during the COVID-19 pandemic (codes O-8 and O-9)

The new O-8 additional information code is used exclusively by Revenu Québec to identify the repayment of a benefit that was paid under the Incentive Program to Retain Essential Workers.

The new O-9 additional information code is used exclusively by the Government of Canada to identify the repayment of amounts under the Canada Emergency Response Benefit, the Canada Emergency Student Benefit, the Canada Recovery Benefit, the Canada Recovery Sickness Benefit and the Canada Recovery Caregiving Benefit.

These codes must not be entered in the blank boxes of the RL-1 slips that you file.

The O-5, O-6 and O-7 additional information codes are also used exclusively by Revenu Québec or the Government of Canada and must not be entered in the blank boxes of the RL-1 slips that you file.

New code for the “Code (case O)” box for the one-time payment for older seniors (code RY)

The one-time payment for older seniors paid by the Government of Canada must be entered in box O of the RL-1 slip. New code “RY” is used exclusively by the Government of Canada to identify the type of payment in the “Code (case O)” box and must not be entered in that box on the RL-1 slips that you file.

Virtual currency transactions

Virtual currency can be used as a method of payment or exchange in certain transactions. Virtual currency transactions are considered to be barter transactions for income tax purposes.

As of 2021, employers who pay an employee in virtual currency have to enter the amount in boxes A and L of the RL-1 slip. The amount has to be entered in Canadian dollars and be at the fair market value of the currency at the time it is paid to the employee. For more information, see Taxable Benefits.

Employers must determine if the transaction generates a capital gain (or loss) or business or property income or a business or property loss in order to correctly report their income in the income tax return (TP-1-V), the corporation income tax return (CO-17, Déclaration de revenus des sociétés) or the Trust Income Tax Return (TP-646-V). For more information see guide IN-120-V, Capital Gains and Losses, and guide IN-155-V, Business and Professional Income.