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Canada Revenue
Agency		 Agence du revenu
du Canada		 Protected B when completed
Capital Gains Deduction for Qualifying Business Transfers
 
Use this form to calculate your capital gain deduction for qualifying business transfers (QBT). You can claim this deduction
if certain conditions are met when shares of the capital stock of a corporation are disposed of to a trust or to a purchaser
corporation wholly owned by the trust under a QBT.
 
Before you complete this form
You must complete Form T24EOT, Joint Election for a Capital Gains Deduction on a Qualified Business Transfer to
an Employee Ownership Trust, before completing this form to report the elected amount. For more information,
see "Additional information" on Form T24EOT.
 
How to complete this form
If you have more than one QBT, complete a separate form for each one.
After completing all calculations for each QBT:
• Enter the total as applicable on lines 17212, 17213, and 17214
• Keep a copy of your calculations for your records
• If you are claiming a reserve, keep a record of the deduction you claimed for each QBT
 
Part 1 – Information about the QBT
Identification of the QBT: Date of Month Day  
  disposition:  
 
Part 2 – Maximum deduction for the elected amount
 
Elected amount for the joint election (maximum of $10 million per QBT)    1
Percentage allocated to you   x %  2
 
Line 1 multiplied by the percentage from line 2   =  3
 
Inclusion rate from line 41 of Schedule 3   x %  4
Deduction available for the elected amount: line 3 multiplied by the percentage from line 4   =  5
 
Amount from line 5 (if you have more than one QBT, enter the total Total deduction available     
from line 5 of all of the forms you completed for each QBT). for the elected amounts  17212  6
 
Part 3 – Maximum deduction for capital gains in the year
 
Total taxable capital gains from line 12700 of your return unless you have more than one QBT (1)    7
Capital gains for the QBT that occurred in the current year reported on Schedule 3    8
Amount of 2024 reserve claimed for the QBT, if any   –  9
Total capital gains for the QBT: line 8 minus line 9   =  10
 
Inclusion rate from line 4   x %  11
 
Taxable capital gains for the QBT only: line 10 multiplied by the percentage from line 11   =  12
 
Amount from line 12 (if you have more than one QBT, enter the total Total taxable capital     
from line 12 of all the forms you completed for each QBT). gains for QBT  17213  13
 
(1) If you have more than one QBT, subtract the capital gain deduction claimed on a previous
Form T2048 from line 7 of this Form T2048.
 
T2048 E (Ce formulaire est disponible en français.) Page 1 of 2 Canada Logo
Protected B when completed
Part 3 – Maximum deduction for capital gains in the year (continued)
 
Enter whichever is less: amount from line 7 or line 12.    14
 
Enter whichever is less: amount from line 5 or line 14.
Enter all or part of the amount you want to claim on Eligible capital gains     
line 25395 of your return. deduction for QBT     15
 
Part 4 – Capital gain claimed for the capital gain deduction
Amount reported on line 25395 of your return    16
 
Amount from line 16 if the disposition occurred after
June 24, 2024 (if you have more than one QBT, enter the		 Total capital gain claimed for the
capital gain deduction for QBT 		    
total from line 16 for all dispositions after June 24, 2024). after June 24, 2024  17214  17
 
See the privacy notice on your return.  
 
T2048 E Page 2 of 2