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Saskatchewan Farm and Small Business Capital Gains Tax Credit |
Protected B when completed 2023 |
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| Complete this form if you reported capital gains from the disposition of qualified farm property or qualified small business corporation shares, you were a resident of Saskatchewan at the end of the year, and you had a taxable income of more than $49,720. |
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| If you are filing a paper return, attach this form. | |||||||||||||||
| Step 1 – Taxable income excluding eligible taxable capital gains | |||||||||||||||
| Enter your taxable income from line 26000 of your return. | 1 | ||||||||||||||
| Enter the total of amounts from lines 10700, 11000, and 12400 | |||||||||||||||
| of your federal Schedule 3. (1) | 2 | ||||||||||||||
| Enter the amount from line 12 of your Form T2017. (1) | + | 3 | |||||||||||||
| Line 2 plus line 3 | = | 4 | |||||||||||||
| Applicable rate | x | 50% | 5 | ||||||||||||
| Line 4 multiplied by the percentage from line 5 | = | 6 | |||||||||||||
| Enter the amount from line 12700 of your return. | 7 | ||||||||||||||
| Enter the net capital losses of other years from line 25300 of your return. | – | 8 | |||||||||||||
| Line 7 minus line 8 | = | 9 | |||||||||||||
| Enter whichever is less: | |||||||||||||||
| amount from line 6 or line 9 | 10 | ||||||||||||||
| Enter your capital gains deduction from line 25400 of your return. (1) | – | 11 | |||||||||||||
| Line 10 minus line 11 | |||||||||||||||
| (If the result is "0" or negative, you are not entitled to this | Eligible taxable | ||||||||||||||
| credit. Do not complete the rest of this form.) | capital gains | = | ► | – | 12 | ||||||||||
| Line 1 minus line 12 (if negative, enter "0") | Taxable income excluding eligible taxable capital gains | = | 13 | ||||||||||||
| (1) Do not include any amounts related to the disposition of fishing property. | |||||||||||||||
| Step 2 – Adjusted Saskatchewan tax on taxable income | |||||||||||||||
| Use the amount from line 13 to complete the appropriate column below. | |||||||||||||||
| Line 13 is more | |||||||||||||||
| Line 13 is | than $49,720 but not | Line 13 is | |||||||||||||
| $49,720 or less | more than $142,058 | more than $142,058 | |||||||||||||
| Amount from line 13 | 14 | ||||||||||||||
| – | – | – | 15 | ||||||||||||
| Line 14 minus line 15 (cannot be negative) | = | = | = | 16 | |||||||||||
| x | 10.5% | x | 12.5% | x | 14.5% | 17 | |||||||||
| Line 16 multiplied by the percentage from line 17. | = | = | = | 18 | |||||||||||
| Line 18 plus line 19 | + | + | + | 19 | |||||||||||
| Saskatchewan tax on taxable income | |||||||||||||||
| excluding eligible taxable capital gains | = | = | = | 20 | |||||||||||
| T1237 E (23) | (Ce formulaire est disponible en français.) | Page 1 of 2 | |||||||||||||
| Protected B when completed | |||||||||||||||
| Step 2 – Adjusted Saskatchewan tax on taxable income (continued) | |||||||||||||||
| Amount from line 20 of the previous page | 21 | ||||||||||||||
| Amount from line 12 of the previous page | 22 | ||||||||||||||
| Lowest tax rate | x | 10.5% | 23 | ||||||||||||
| Line 22 multiplied by the percentage from line 23. | = | ► | + | 24 | |||||||||||
| Line 21 plus line 24 | Adjusted Saskatchewan | ||||||||||||||
| Enter this amount on line 27. | tax on taxable income | = | 25 | ||||||||||||
| Enter the amount from line 8 of Form SK428, Saskatchewan Tax and Credits, or line 9 of | |||||||||||||||
| Form SK428MJ in Part 4 of Form T2203, Provincial and Territorial Taxes for Multiple Jurisdictions. | 26 | ||||||||||||||
| Amount from line 25 | – | 27 | |||||||||||||
| Saskatchewan farm and small business | |||||||||||||||
| Line 26 minus line 27 | capital gains tax credit | = | 28 | ||||||||||||
| Enter the amount from line 28 on line 61499 of your Form SK428 or Form SK428MJ in Part 4 of your Form T2203, whichever applies. |
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| See the privacy notice on your return. | |||||||||||||||
| T1237 E (23) | Page 2 of 2 | ||||||||||||||