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The Charter of the French language and its regulations govern the consultation of English-language content.

Debt Forgiveness

Note avertissement

The English version of this page is currently being updated. To access the page in French, click français.

End of note

The benefit an employee receives during the year because of the forgiveness of a debt (whether the debt is a loan or another type of debt) constitutes a taxable benefit.

The value of the benefit corresponds to the amount forgiven when the debt is settled or extinguished. The forgiven amount is equal to:

  • the lesser of the following amounts:
    • the principal, and
    • the amount for which the debt was contracted;
  • minus:
    • any amount paid on the principal of the debt, and
    • any adjustments.

You have to include the value of the benefit in boxes A and L and, where applicable, in box G of the employee's RL-1 slip (see courtesy translation RL-1-T). For more information, go to the Benefit Provided to an Employee page.

Note End of note

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