Line 248 - Employee home relocation loan deduction

Generally, an employee home relocation loan is a loan you received because of a prior, current or future office or employment when you moved from your former residence to another residence in Canada to start employment at the new work location. There are other conditions that you must meet. See Interpretation Bulletin IT-421, Benefits to Individuals, Corporations and Shareholders From Loans or Debt.

You are considered to have received a loan or incurred a debt when the funds are advanced or the relevant documents are produced and you become legally obligated to repay the loan or discharge the debt. You are entitled to claim an offsetting deduction against the amount of benefit included in your income from the low interest loan for home relocation.

If you received an interest-free or low interest loan, it will be shown in box 37 of your T4 slip.

Completing your tax return

Enter on line 248 the total of the amounts shown in box 37 of your T4 slips.

Forms and publications

• General Income Tax and Benefit Package - Guide, return and schedules
• IT-421, Benefits to Individuals, Corporations and Shareholders from Loans or Debt

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