ARCHIVED - Line 120 - Taxable amount of dividends from taxable Canadian corporations

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Enter on line 120 the taxable amount of all dividends from taxable Canadian corporations, even if you did not receive an information slip.

If you received foreign dividends, see the section called "Foreign interest and dividend income" at line 121 for details on how to report this income.

How to report

Enter on Part I of Schedule 4 the taxable amount of dividends from taxable Canadian corporations. You will find these amounts in box 11 on T5 slips, box 31 on T4PS slips, box 32 on T3 slips, and in the details area on T5013 slips.

You may not have received an information slip showing the taxable dividends you received from taxable Canadian corporations. To calculate the taxable amount, multiply the dividends you actually received by 125%.

Taxable dividends received from taxable Canadian corporations qualify for the federal dividend tax credit. This credit reduces the amount of tax you owe. Complete Schedule 1 to claim this credit. See line 502 for details.

Tax Tip

In some cases, it may be better for you to report all the taxable dividends your spouse received from taxable Canadian corporations. You can only do this if, by including the dividends in your income, you will be able to claim or increase your claim for the spousal amount (see line 303).

If you use this option, you may be able to take better advantage of the dividend tax credit. Also, do not include these dividends in your spouse's income when you calculate claims such as the spousal amount on line 303 or amounts transferred from your spouse on Schedule 2.

Date modified:

2002-02-04