2. Security option deduction (Line 297)

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Your deduction is equal to the total of the amounts shown in boxes L-9 and L-10 of your RL-1 slip.

If you cashed out your security option rights without acquiring securities, you are entitled to the security option deduction, provided an amount is shown in box L-8 of your RL-1 slip, or in box 86 of your T4 slip (if you did not receive an RL-1 slip). If you are entitled to the deduction, enter on line 297 the amount shown in box L-9 of your RL-1 slip. If you did not receive an RL-1 slip, enclose a copy of your T4 slip with your return and contact us.

Deferred taxation of the benefit from a security option

If you are including a taxable benefit in your income on line 101 because you sold shares or mutual fund units and had previously elected to defer taxation of the benefit until the year of sale of the securities, you can enter, on line 297, an amount equal to 25% of the benefit included on line 101.

Stock option deduction for foreign specialists

Special rules apply if, on line 101, you include a taxable benefit related to a stock option, and all three of the statements below apply to your situation.

  • You carried out the duties of a foreign specialist: 
    • at an international financial centre; 
    • in the Montréal international trade zone at Mirabel, for a corporation that carried on an eligible business; or 
    • for a corporation operating a stock exchange business or a securities clearing-house business. 
  • During the period in which you were entitled to deduct all or part of your income from all sources, you acquired stock options further to an agreement with your employer (or former employer) or a person related to your employer (or former employer). 
  • You are no longer entitled to deduct all or part of your income from all sources.

For more information, contact us.

Security option deduction on donated securities

If you donated mutual fund units or listed shares to a charity, to another qualified donee or to a private foundation, and you are including a taxable benefit in your income (line 101) because you exercised an option to purchase such securities in 2019, you can enter, on line 297, an amount equal to 50% of the benefit included on line 101. If the fair market value of the units or shares at the time of the donation was less than their value at the time the option was exercised, contact us to determine the amount you can deduct.

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