Box 14 – Other income from Canadian sources
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Box 14 – Other income from Canadian sources
Identify a box in the "Other information" area as box 14. In the "Amount" box, enter, in Canadian currency, the other income from Canadian sources.
Other income includes:
- taxable dividends and deemed dividends (see Deemed dividends) paid to an individual by a corporation resident in Canada that is not a taxable Canadian corporation
- amounts reported by life insurers, to be included in a policyholder's income under paragraph 56(1)(j)
- amounts distributed from an eligible funeral arrangement (EFA) after 1995 to a taxpayer as a return of funds
An EFA is an arrangement a qualifying person establishes and maintains solely to fund funeral or cemetery services for one or more individuals. The custodian then reports the amounts distributed from the arrangement after 1995 that are not payments for providing funeral or cemetery services and that do not reflect contributions previously made. The custodian can be the trustee of any trust governed by an EFA. If a trust is not involved, the custodian can be any person who receives a deposit under the EFA for providing funeral services. This person has to be licensed or authorized under the laws of a province or territory to provide funeral or cemetery services for individuals.
The EFA's custodian has to enter the code "14" in a generic box in the "Other information" area. The amount you have to report in the Amount box next to box 14 is the lesser of:
- the amount distributed from the EFA to a taxpayer (other than as payment for providing funeral or cemetery services for the individual from whose account the amount was distributed)
- the amount on line 7 of the following chart:
- Footnote 1
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Relevant contributions are contributions made to the EFA and the contributions to another EFA later transferred to the EFA for the purpose of funding funeral or cemetery services for the individual.
- Footnote 2
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Applicable to amounts transferred, credited or added after December 20, 2002.
Example
Mr. Gilbert contributed $8,000 to a prepaid funeral arrangement. The balance in the arrangement grew to $10,000 before Mr. Gilbert died. The total payments made from the arrangement for funeral services amounted to $9,500. The $500 balance was refunded to the estate. In this case, the custodian of the EFA would show $500 in box 14 of the T5 slip issued in the name of Mr. Gilbert's estate. This amount is the lesser of:
- $500 (the amount of the refund)
- $2,000 ($500 + $9,500 − $8,000)
- Date modified:
- 2019-12-27