Protected B when completed

T3

–

2024

Minimum Tax

Schedule 12

•

If the trust is subject to minimum tax, use this schedule to calculate the trust's minimum tax and minimum tax carryover. Include a completed copy of
this schedule with the trust's return.

•

For a list of trusts not subject to minimum tax, see page 4.

•

For information on how to complete this schedule, see the instructions on pages 4 and 5.

•

To calculate provincial or territorial minimum tax, see pages 5 and 6.

•

Where a graduated rate estate’s (GRE) taxation year begins in 2023, the GRE should use the 2023 version of Schedule 12-Minimum Tax to calculate its
minimum tax liability for that taxation year. For more information on how to complete the 2023 version of Schedule 12, see page 5.

Part 1 – Calculating net adjusted taxable income for minimum tax

Complete sections B, C, and D only if the trust is claiming losses from those sources below.

A. Calculating the non-taxable part of capital gains reported in the year and kept in the trust

Do not include taxable capital gains from mortgage foreclosures or conditional sales repossessions.

Taxable capital gains (line 45 of T3SCH1)

Amount from line 11 of Form T1055 (include this amount only if the deemed disposition

arises on a day described in D to H of that form)

Taxable capital gains allocated and designated to beneficiaries

(total of all 3 columns of line 921 of T3SCH9)

–

Taxable capital gains kept in the trust (line 1 plus 2 minus line 3)

Capital gains of gifts of publicly listed securities (from fields

1512, 1522, 1542, and 1552 of T3SCH1A)

Applicable rate

x 30%

Multiply line 5 by line 6.

►

line 4 plus line 7

Non-taxable part of capital gains kept in the trust

12030

►

B. Rental and leasing property

Capital cost allowance (CCA) and carrying charges claimed on rental and leasing property

12050

Net income from rental and leasing property before CCA and related carrying charges

(if a loss, enter "0") (see the Note on page 5)

12060

–

Loss, if any, created or increased by CCA and related carrying charges (line 4 minus line 9)

►

C. Film property

CCA and carrying charges claimed on certified film property acquired after 1987 and before

March 1996

12080

Net income reported from certified film property before CCA and related carrying charges

(if a loss, enter "0") (see the Note on page 5)

12090

–

Loss, if any, created or increased by CCA and related carrying charges (line 11 minus line 12)

►

D. Resource property, royalties, and flow-through shares

Total of all resource deductions, allowances, depletion allowances, and carrying charges

related to resource property and flow-through shares

12110

Income (including royalties) from production of petroleum,
natural gas, and minerals, before resource deductions and
allowances and depletion allowances and related carrying

charges (if a loss, enter "0")

12120

Income from property, or from a business of selling the
product of property, described in Class 43.1 or 43.2 in
Schedule II to the Income Tax Regulations (before deductions
included on line 14), and income from dispositions of foreign
resource properties and recovery of exploration and

development expenses (if a loss, enter "0")

12130

Total resource income (line 15 plus line 16)

►

–

Loss, if any, created or increased by resource deductions

and allowances, depletion allowances, and related carrying charges (line 14 minus line 17)

►

E. Limited partnership and tax shelter losses – Include the trust's total share of the partnership loss.

(see T3SCH12 in Guide T4013, T3 Trust Guide)

12160

F. Limited and specified member partnership interest – Amount, if any, by which carrying charges related to acquiring a

partnership interest are more than the trust's income from the partnership interest.

12170

Total additions to taxable income for minimum tax purposes (add lines 8, 10, 13, 19, and 20)

Capital gain reduction addback from line 46 of the T3 return

–

Line 22 minus line 23

Subtotal

Taxable income (line 47 of the return; if a loss, enter the amount in brackets)

T3 SCH 12 E(24)

(Ce formulaire est disponible en français.)

Page 1 of 6

Protected B when completed

Schedule 12

Part 1 (continued)

Adjustment for non-capital losses incurred in 2011 and earlier years (see "Lines 28A and 28B" on page 5)

12220

25A

Adjustment for non-capital losses incurred in 2012 and later years (see "Lines 28A and 28B" on page 5)

12221

25B

Non-capital and limited partnership losses of other years (including farm and restricted farm losses) from lines 51, 543, 544

and 545 of your return minus the amounts at line 28A and 28B (if negative, enter "0")

Applicable rate

x 50%

Multiply line 29 by line 30

Adjustment to net capital losses of other years deducted in the current year (see “Line 32” on page 5)

12240

Add lines 26 to 28B, 31 and 32.

Subtotal

Non-deductible property expenses (Note)

Interest expenses on money borrowed to earn income or to purchase an annuity contract

(included at field 21 of the T3RET)

Premiums on life insurance policies used as collateral for money borrowed to earn income

from property (included at field 21 of the T3RET)

Financing expenses on money borrowed to earn income from property (included at field 21 of

the T3RET)

Add lines 31 to 33.

Subtotal

Applicable rate

x 50%

Multiply line 34 by line 35.

12241

►

Adjusted taxable income for minimum tax (line 30 plus line 36)

Basic exemption (see "Line 41" on page 5)

12260

–

Net adjusted taxable income for minimum tax (line 37 minus line 38) (if negative, enter "0")

12270

If the amount on line 39 is more than zero, continue completing this schedule.
If the amount on line 39 is zero, the trust is not subject to minimum tax. However, you should complete Part 7 to determine the amount of minimum tax carryover
available for this year and for future years. Enter "0" on line 97. Include T3SCH12 with the return.
If the trust has taxable income on line 47 of the return, complete T3SCH11.

Note: Enter amounts on lines 34 to 36 only to the extent that these expenses have not already been restricted earlier in the form on lines 9 to 21 under
paragraphs 127.52(1)(b), (c), (c.2) and (c.3) and (e.1).

Part 2 – Calculating the special foreign tax credit

Complete Part 2 only if the trust kept foreign income.

Foreign non-business income for which the trust paid foreign non-business income tax

Foreign business income

Non-taxable part of foreign capital gains included in adjusted taxable income

12280

Total foreign income (add lines 40 to 42)

Applicable rate

x 20.5%

Foreign income limit for special foreign tax credit (line 43 multiplied by line 44)

Foreign non-business income tax paid

(line 1 of Form T3 FFT)

x 66.67% =

Foreign business income tax paid (line 4 of Form T3 FFT)

Total foreign taxes paid for special foreign tax credit (line 46 plus line 47)

Line 45 or line 48, whichever is less

Deductible amount of federal foreign tax credit (line 12 of Form T3 FFT)

Special foreign tax credit (line 49 or line 50, whichever is more)

12290

•51

Part 3 – Obligation to pay minimum tax

Net adjusted taxable income for minimum tax

(line 39

x 20.5%) =

Donations and gifts tax credit (line 17 of T3SCH11)

Applicable rate

x 80%

Multiply line 53 by line 54.

►

Federal logging tax credits for BC and QC from field 11210 and 11214 of T3SCH11

–

Minimum amount (line 52 minus line 55 minus line 56)

►

Special foreign tax credit (from line 51)

–

Net minimum tax payable (line 57 minus line 58)

12340

Federal tax payable (line 34 of T3SCH11)

48% surtax on income not subject to provincial or territorial tax (line 22 of T3SCH11)

–

Federal tax before surtax (line 60 minus line 61)

►

–

Amount by which minimum amount is more than regular federal tax payable (line 59 minus line 62) (if negative, enter "0")

If the amount on line 63 is more than zero, complete the rest of this schedule.
If the amount on line 63 is zero, the trust is not liable to pay minimum tax. However, you should complete Part 7 to determine the amount of minimum tax
carryover available for this year and for future years. Include T3SCH12 with the return.
If the trust has taxable income on line 47 of the return, complete T3SCH11.

T3 SCH 12 E(24)

Page 2 of 6

Protected B when completed

Schedule 12

Part 4 – Basic federal tax for the year

Basic federal tax (line 21 of T3SCH11)

Minimum amount (from line 57)

Basic federal tax for the year (line 64 or line 65, whichever is more)

12420

Part 5 – Calculating federal tax payable (minimum tax)

Net minimum tax payable (from line 59)

Surtax on income not subject to provincial or territorial tax

(part of line 66 not subject to provincial or territorial tax)

x 48% =

Federal tax payable (line 67 plus line 68)

12550

•69

Enter this amount on line 49 of the return.

To calculate provincial or territorial minimum tax, use Chart 3 on page 6.

Refundable Quebec abatement (see "Line 70" on page 5)

(amount from line 66

x 16.5%) =

Enter the amount from line 73 on line 55 of the return.

Part 6 – Calculating this year's additional taxes paid for minimum tax carryover

Minimum amount (from line 57)

Basic federal tax (line 21 of T3SCH11)

Investment tax credit (Form T2038(IND), Investment tax credit (Individuals))

(for a recapture if an investment tax credit, show the negative in brackets)

Political contribution tax credit (from field 11190 of T3SCH11)

Federal environmental trust tax credit from line 29 of T3SCH11

Federal logging tax credits for BC and QC from field 11210 and 11214 of T3SCH11

Total Basic federal tax (line 75 minus line 76, minus line 77, minus line 78 and minus line 79)

Special foreign tax credit (from line 51)

Deductible amount of federal foreign tax credit(from line 50)

–

Subtotal (line 78 minus line 79)

Foreign non-business income tax paid (line 1 of Form T3 FFT)

Foreign business income tax paid (line 4 of Form T3 FFT)

Subtotal (line 81 plus line 82)

Amount from line 80

84A

Amount from line 48 divided by amount from line 83

84B

Line 84A multiplied by line 84B

►

Total (line 77 plus line 84)

►

–

Additional taxes available to carry over to later years (line 71 minus line 85) (if negative, enter "0")

12670

•86

Part 7 – Calculating the total minimum tax carryover

Minimum tax carryover from the seven previous tax years

12680

•87

Tax payable before carryover (line 19 of T3SCH11)

Investment tax credit (Form T2038(IND), Investment tax credit (Individuals))

(for a recapture if an investment tax credit, show the negative in brackets)

–

Political contribution tax credit (from field 11190 of the T3SCH11)

–

Federal environmental trust tax credit from line 29 of T3Sch11

–

Federal logging tax credits for BC and QC from field 11210 and 11214 of T3SCH11

–

Total tax payable before carryover (line 91 minus line 92, minus line 93, minus line 94

and minus line 95)

Minimum amount (from line 57)

–

Maximum carryover that can be applied this year (line 93 minus line 94) (if negative, enter "0")

If the trust is subject to minimum tax, enter "0".

Minimum tax carryover applied this year

Claim an amount that is not more than line 87 or line 95, whichever is less. (Enter this amount on line 20 of T3SCH11.)

–

Balance of minimum tax carryover (line 87 minus line 96)

Additional taxes available from this year (from line 86)

Line 97 plus line 98

Additional 2016 taxes not applied

12760

–

•100

Minimum tax carryover available for next year (line 99 minus line 100)

12690

•101

T3 SCH 12 E(24)

Page 3 of 6

Protected B when completed

Schedule 12

Chart 3 – Calculating Provincial and Territorial Minimum Tax

Newfoundland and Labrador

Saskatchewan

Line 86

Line 71

minus Line 72

Newfoundland and Labrador rate

x 58%

Saskatchewan rate

x 50%

Newfoundland and Labrador additional minimum tax
(line 1 multiplied by line 2)
Enter amount A on line 22 of Form T3NL

Saskatchewan additional minimum tax
(line 1 multiplied by line 2)
Enter amount G on line 22 of Form T3SK

or on line 22 of Form T3MJ-NL.

or on line 22 of Form T3MJ-SK.

Nova Scotia

Alberta

Line 86

Line 71

minus Line 72

Nova Scotia rate

x 57.5%

Alberta rate

x 35%

Nova Scotia additional minimum tax
(line 1 multiplied by line 2)
Enter amount B on line 22 of Form T3NS

Alberta additional minimum tax
(line 1 multiplied by line 2)
Enter amount H on line 22 of Form T3AB

or on line 22 of Form T3MJ-NS.

or on line 22 of Form T3MJ-AB.

New Brunswick

British Columbia

Line 71

minus Line 72

Line 86

New Brunswick rate

x 57%

British Columbia rate

x 33.7%

New Brunswick additional minimum tax
(line 1 multiplied by line 2)
Enter amount C on line 22 of Form T3NB

British Columbia additional minimum tax
(line 1 multiplied by line 2)
Enter amount I on line 27 of Form T3BC

or on line 22 of Form T3MJ-NB.

or on line 27 of Form T3MJ-BC.

Prince Edward Island

Nunavut

Line 86

Prince Edward Island rate

x 57.5%

Nunavut rate

x 45%

Prince Edward Island additional minimum tax
(line 1 multiplied by line 2)
Enter amount D on line 22 of Form T3PE

Nunavut additional minimum tax
(line 1 multiplied by line 2)
Enter amount J on line 22 of Form T3NU

or on line 22 of Form T3MJ-PE.

or on line 22 of Form T3MJ-NU.

Ontario

Northwest Territories

Line 86

Ontario additional tax for minimum tax

Northwest Territories rate

x 45%

purposes

Enter amount from line 31 of Form T3ON

Northwest Territories additional minimum tax
(line 1 multiplied by line 2)
Enter amount K on line 22 of Form T3NT

or line 35 of Form T3MJ-ON.

or on line 22 of Form T3MJ-NT.

Manitoba

Yukon

Line 71

minus Line 72

Line 86

Manitoba rate

x 50%

Yukon rate

x 42.67%

Manitoba additional minimum tax
(line 1 multiplied by line 2)
Enter amount F on line 24 of Form T3MB

Yukon additional minimum tax
(line 1 multiplied by line 2)
Enter amount L on line 22 of Form T3YT

or on line 24 of Form T3MJ-MB.

or on line 22 of Form T3MJ-YT.

See the privacy notice on your return.

T3 SCH 12 E(24)

Page 6 of 6