T3SCH12(Page 5-6) - fill out and auto calculate/complete form online

Protected B when completed

Schedule 12

Part 1 – Calculating net adjusted taxable income for minimum tax

Lines 23A and 23B – Adjusted non-capital losses of other years used in the current year

If the trust claimed non-capital losses of other years, you may have to reduce the non-capital losses for minimum tax purposes.
This reduction is any part of the non-capital losses attributable to:

•

capital cost allowance or carrying charges claimed on:

–

rental or leasing property

–

films certified by the Canadian Audio-Visual Certification Office (CAVCO)

•

resource expenditures

•

resource and depletion allowances

For minimum tax purposes, a non-capital loss that is carried forward is calculated according to the minimum tax rules in effect for the year in which the loss
was incurred.

Enter the reduction on line 23A or 23B.

For more information, see "Schedule 12 – Minimum Tax" in Guide T4013, T3 Trust Guide.

Line 25 – Net capital losses of other years deducted in the current year

You may have claimed a capital loss from previous years on line 34 of the return. If this is the case, you will have to adjust the trust's income for minimum tax
purposes. Enter on line 25A, the net capital losses of other tax years that you claimed in the current year on line 34 of the return. Do not include capital
losses on mortgage foreclosures and conditional sales repossessions. Tax-free savings account trusts should not include an amount on line 25.

If the amount on line 34 of the return is less than the capital gains remaining in the trust after allocation to beneficiaries, and the trust has additional
unapplied losses of other years, you may be able to increase the amount on line 25A.

Line 27 – Basic exemption

The $40,000 basic exemption only applies to a graduated rate estate. For the definition of graduated rate estate, see Guide T4013, T3 Trust Guide.

Note

For trusts other than a graduated rate estate, enter "0" on line 27 of this schedule.

Part 5 – Calculating federal tax payable (minimum tax)

Line 55 – Refundable Quebec abatement

For information, see the instructions for line 34 of Schedule 11 in Guide T4013, T3 Trust Guide.

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

Lines 56 to 66

Use Part 6 to calculate the amount of any additional minimum tax payable by the trust for this year that you can carry over to a future year. You may be able
to deduct this amount from the trust's regular tax liability on line 19 of Schedule 11 in future years. You can carry forward an amount for a period of seven
years.

Part 7 – Calculating the total minimum tax carryover

Lines 67 to 76

Use Part 7 to calculate the minimum tax carryover from previous years that you can claim on Schedule 11 in this year. You can carry over minimum tax
from the seven previous tax years. It is in the trust's best interests to apply the oldest available carryover first. For example, apply any carryover from 2015
before any carryover from 2016. Also use Part 7 to calculate the total minimum tax carryover, if any, that can be carried forward to later years.

Provincial and territorial minimum tax payable

Use Chart 3, Calculating Provincial and Territorial Minimum Tax, on the next page, to calculate the trust's provincial and territorial minimum tax payable.

T3 SCH 12 E(23)

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Protected B when completed

Schedule 12

Chart 3 – Calculating Provincial and Territorial Minimum Tax

Newfoundland and Labrador

Saskatchewan

Line 66

Line 56

minus Line 57

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 66

Line 56

minus Line 57

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 56

minus Line 57

Line 66

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 66

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 66

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 56

minus Line 57

Line 66

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(23)

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