Reporting the benefit

If an employee or any person or partnership receives a loan or incurs a debt because of the employee's employment, report the benefit in box 14, "Employment income," and in the "Other information" area under code 36 at the bottom of the employee's T4 slip.

If a person or partnership that was a shareholder (or was related to a shareholder) receives a loan or incurs a debt, you generally have to report the benefit on a T4A slip. Enter the amount under code 117, "Loan benefits," in the "Other information" area at the bottom of the T4A slip.


The taxable benefit must be reported on a T4 or T4A slip even if the borrower is eligible to deduct the interest.

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