T2038(Page 6) - fill out and auto calculate/complete form online

Part E – Calculating a carryback and refund of an ITC

ITC available for carryback

Complete this section to determine the balance of credit available for carryback to previous tax years.

Total current-year credit available (column 5 minus column 1 in Part F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Minus the current year credit applicable*

The maximum amounts you could have claimed in column 6, plus column 7, minus column 1 in Part F (if negative enter "0") . . .

–

Total credit available for carryback (amount 1 minus amount 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

To arrive at the amount for carryback, you first have to apply your credit to the fullest extent in the current year, whether you claimed all of it or not.
Before determining the amount available to carry back, you first have to reduce your federal tax for the current year by the maximum amounts you could
have claimed in columns 6 and 7 in Part F of this form, whether you claimed the maximum or not.

Calculating a carryback and refund of an ITC

Complete this section to request a carryback of the ITC you earned in the current tax year. The carryback provisions allow you to apply a current-year
credit against the total of your federal tax for any of the three previous tax years. The credit you apply to a previous year cannot be more than the total of
your federal tax for that year.

You have to deduct any amount of the refundable ITC designated as a carryback when you calculate your ITC refund and the balance to carry forward to
tax years that follow.

To request a carryback, complete this section, and attach this form to your current-year income tax and benefit return.

Note

We do not refund an amount you designate as a carryback in the current year. Do not enter the amount on your income tax and benefit return.

Amount K to carryback for one or more of the following:

Third previous year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6720

Second previous year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6721

First previous year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6722

Total credit designated for carryback (add lines 6720, 6721, and 6722. Cannot be more than amount K)

Enter the total of amounts L and N in column 8 in Part F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6724

Signature

Date: Year, Month, Day (yyyymmdd)

ITC available for refund

Complete this section to determine the balance of credit available for refund.

Total current-year refundable credit available (column 2 minus column 4 in Part F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Current year credit claim (column 6, plus column 7, minus column 1 in Part F) . . . . . . . . . . . .

Plus amount L . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subtotal (add amounts 4 and 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Minus amount from column 3 in Part F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

–

Total (amount 6 minus amount 7, if negative, enter "0") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

►

–

Total credit available for refund (amount 3 minus amount 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Calculating an ITC refund

Complete this section to calculate a refund of ITC that you earned in the current year. You must deduct any amounts you claim as
a refund when you calculate the balance to carry forward to tax years that follow.

Amount you designate as a refund of ITC (cannot be more than amount M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Multiply by the refundable rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0.40

Refund of ITC (multiply amount 9 by amount 10)

Enter the total of amounts L and N in column 8 in Part F (cannot be more than amount K) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Enter amount N on line 454 of your income tax and benefit return (T1 for Individuals) or on line 88 of a T3RET, T3 Trust Income Tax and Information Return.

Part F – Carryforward chart

Balance of

Current-year

Current-year non-

Adjustments**

Total credit

Current-year

Credit

Balance

credits carried

refundable credit

available

credit claim

credit claim (AMT)

claim – Other

carried forward

forward

(amount A in

(amount B on

col. 1 plus

(amount H in

(amount J in

(amounts L plus

(col. 5 minus

Part A)

in Part B)

col. 2 plus col. 3
minus col. 4)

Part D)

N in Part E)

col. 6, col. 7
and 8)

For a graduated rate estate, enter the amount of ITC allocated to beneficiaries from box 40 of your T3 slip.

Personal information is collected under the Income Tax Act to administer tax, benefits, and related programs. It may also be used for any purpose related to the administration or enforcement of the
Act such as audit, compliance and the payment of debts owed to the Crown. It may be shared or verified with other federal, provincial/territorial government institutions to the extent authorized by law.
Failure to provide this information may result in interest payable, penalties or other actions. Under the Privacy Act, individuals have the right to access their personal information and request correction
if there are errors or omissions. Refer to Info Source at www.cra.gc.ca/gncy/tp/nfsrc/nfsrc-eng.html, Personal Information Bank CRA PPU 005.

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