T657(Part 3m-3n) - fill out and auto calculate/complete form online

Protected B when completed

Part 3l – Calculating your capital gains deduction on qualified farm or

fishing property and qualified small business corporation shares

Complete this part if you are reporting a reserve in 2023 on dispositions of qualified farm or fishing property (QFFP) or qualified
small business corporation shares (QSBCS) in 2020.

Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2020

128

Capital gains deductions from previous years

(line k of Chart 2 on the last page) (see note L below)

–

129

Capital gains deduction available for QFFP and/or QSBCS disposed of
in 2020 and included in your 2023 income (line 128 minus line 129; if

negative, enter "0")(see note 28 below)

►

130

Line 6 of Form T2017. If this amount is negative,

enter in brackets. (see note 29 below)

Line 11 of Form T2017. If this amount is negative,

enter in brackets. (see note 30 below)

Amount A plus amount B, Taxable capital gains
from a reserve on QFFP and/or QSBCS disposed
of in 2020 included in your 2023 income

(if negative, enter "0")

x 1/2

►

131

Designations of taxable capital gains distributed by a trust from reporting a reserve from the

disposition of QSBCS/QFFP in 2020 included in your 2023 income

132

Line 131 plus line 132

133

Enter the amount from line 130 or 133, whichever is less.

134

Enter the amount from the last line you completed of lines 38, 47, 55, 64, 72, 81, 89, 98, 106, 117

and 127. If you did not complete parts 3a to 3k, enter "0".

135

Line 134 plus line 135. Total amount of capital gains included in your 2023 income that is eligible

for the capital gains deduction.

136

If you are reporting a reserve in 2023 from a disposition of QFFP in 2020, and each of line 14 from Part 1, line 31 from
Part 2, and line 136 is greater than or equal to line 130, complete Part 3m.

If you are not reporting a reserve in 2023 income from the disposition of QFFP in 2020 and did not dispose of QFFP or
QSBCS in 2023, the maximum capital gains deduction you can claim on line 25400 of your 2023 income tax and benefit return
is the lesser amount of lines 14, 31, and 136. You can, however, choose to claim less than the maximum.

Note L

You may have claimed a capital gains deduction for other eligible capital gains amounts from 2020 to 2023.
If so, use the amount you calculate with the following instructions instead of the amount on line k of Chart 2
of this T657 form (line 129 of this page).

Calculate amount A:

The amount from line k of Chart 2 of your 2020 Form T657 plus the amount of all capital gains deductions you
have already claimed in 2023 for this reserve.

Calculate amount B:

The amount of capital gains deductions you claimed for other gains (not the reserve) from 2020 to 2023 minus the
maximum capital gains exemption increase allowed for other gains from 2020 to 2023 (if negative, use "0").

After you calculate amounts A and B, add them and enter the result on line 129.

Note 28

You must also subtract from line 128 above, the amount from the last line you completed of line 38 of Part 3a, line 47 of Part
3b, line 55 of Part 3c, line 64 of Part 3d, line 72 of Part 3e, line 81 of Part 3f, line 89 of Part 3g, line 98 of Part 3h, line 106 of
Part 3i, line 117 of Part 3j, and line 127 of Part 3k.

Note 29

If line 6 of your Form T2017 includes a reserve(s) from a disposition(s) of QFFP, QFP, or QXP in any year other than 2020,
remove that part from the amount you enter here.

Note 30

If line 11 of your Form T2017 includes a reserve(s) from a disposition(s) of QSBCS in any year other than 2020, remove that
part from the amount you enter here.

25400

T657 E (23)

Protected B when completed

Part 3m – Calculating your capital gains deduction on qualified farm or

fishing property

Complete this part only if you meet the following conditions:

•

you disposed of qualified farm or fishing property (QFFP) in 2020

•

each of lines 14, 31, and 136 are all greater than or equal to the amount on line 130 of Part 3l

Note

For 2020, there is an additional $58,308 to the capital gains deduction limit that can only be used after your cumulative capital
gains deduction of $441,692 has been used up. This additional amount does not apply to dispositions of qualified small
business corporation shares (QSBCS).

Maximum capital gains deduction for QFFP disposed of in 2020

137

Capital gains deductions from previous years

(line k of Chart 2 on the last page) (see note M below)

–

138

Capital gains deduction available for QFFP disposed of in 2020 included
in your 2023 income (line 137 minus line 138; if negative, enter "0")

(see note 31 below)

►

139

Line 6 of Form T2017. If this amount is negative,

enter in brackets. (see note 32 below)

x 1/2

►

140

Designations of taxable capital gains distributed by a trust from reporting a reserve from the

disposition of QFFP in 2020 included in your 2023 income

141

Line 140 plus line 141

142

Enter the amount from line 139 or 142, whichever is less.

143

Enter the amount from line 136 of Part 3l.

144

Line 143 plus line 144

145

Enter the amount from line 142 or 145, whichever is less. Total amount of capital gains included

in your 2023 income that is eligible for the capital gains deduction.

146

If you did not dispose of QFFP or QSBCS in 2023, the maximum capital gains deduction you can claim at line 25400 of
your 2023 income tax and benefit return is the lesser amount of lines 14, 31, and 146. You can, however, choose to claim less
than the maximum.

Note M

You may have claimed a capital gains deduction for other eligible capital gains amounts from 2020 to 2023. If so, use the
amount you calculate with the following instructions instead of the amount on line k of Chart 2 of this T657 form (line 138 of
this page).

Calculate amount A:

The amount from line k of Chart 2 of your 2020 Form T657 plus the amount of all capital gains deductions you have already
claimed in 2023 for this reserve

Calculate amount B:

After you calculate amounts A and B, add them and enter the result on line 138.

Note 32

You must also subtract from line 137 above, the amount from line 136 of Part 3l.

Note 33

If line 6 of your Form T2017 includes a reserve from a disposition of QFFP in any year other than 2020, remove that part from
the amount you enter here.

25400

T657 E (23)