T691 - fill out and auto calculate/complete form online

Canada Revenue
Agency

Agence du revenu
du Canada

Alternative Minimum Tax

Protected B when completed

Use this form to calculate your federal tax payable under alternative minimum tax for 2023. If you are completing a return for
a trust, use T3 Schedule 12, Minimum Tax.

Complete parts 1, 2, and 8 if you do not have to pay minimum tax in 2023 and you are applying a minimum tax carryover from
previous years against your tax payable for 2023.

Alternative minimum tax does not apply to a person who died in 2023 or to returns filed under subsections 70(2) or 150(4),
or under paragraphs 104(23)(d) or 128(2)(e) of the Income Tax Act (the Act).

If you had business income in 2023 from a province or territory other than the one you lived in at the end of the year, or from
another country, you may also have to complete and attach a copy of Form T2203, Provincial and Territorial Taxes for Multiple
Jurisdictions.

Attach a completed copy of this form to your return.

Part 1 – Adjusted taxable income and minimum amount

Taxable income from line 26000 of your return (or the amount you would have entered on line 26000

if the instructions for lines 23600 and 26000 said "if negative, enter the result in brackets")

Film property ⁽¹⁾

Capital cost allowance (CCA) and carrying charges ⁽²⁾ claimed on certified
film property acquired before March 1996 (usually included on lines 22100

and 23200 of your return)

Net income from film property before CCA and carrying charges

(if negative, enter "0") ⁽³⁾

–

Line 2 minus line 3 (if negative, enter "0")

67820

►

Rental and leasing property ⁽¹⁾

Capital cost allowance (CCA) and carrying charges ⁽²⁾ claimed on rental

and leasing property (included on line 12600 of your return)

Net income from rental and leasing property before CCA and carrying

charges (if negative, enter "0") ⁽³⁾

–

Line 5 minus line 6 (if negative, enter "0")

67830

►

Tax shelters, limited partnerships, and non-active partners

Losses from partnerships that are tax shelters ⁽⁴⁾

Amounts deductible for properties that are tax shelters ⁽⁵⁾

Carrying charges ⁽²⁾ for acquiring an interest in a partnership of which you
are a limited or non-active partner, or which owns a rental or leasing

property or a film property (included on line 22100 of your return) ⁽⁶⁾

Add lines 8 to 10.

67840

►

Add lines 1, 4, 7 and 11.

(1)

If you are a member of a partnership, include your share of the income and deductions for the partnership's fiscal period ending in 2023.
Do not include any amounts that you have to include on lines 8 to 10 of this form.

(2)

To determine which carrying charges should be adjusted when calculating alternative minimum tax, see paragraphs 20(1)(c) to (f) of the Act.

(3)

For film property and rental and leasing property, first add income from these investments (before CCA or carrying charges, if they apply) and net
taxable capital gains, if any, from dispositions of such investments. Then subtract losses from these investments (before CCA or carrying charges, if
they apply). If the result is negative, enter "0".

(4)

If your interest in the partnership is in a tax shelter that the partnership holds, include on line 8 your share of the net losses of the partnership from
each source (allowable capital losses, business losses, and property losses) that is more than the amount allowed under paragraph 127.52(1)(c.1) of
the Act. Generally, the amount allowed under that paragraph should correspond with the net taxable capital gains that were attributed to you by the
partnership or that you have realized on the disposition of your interest in the partnership. These losses are generally reported on line 12200 of your
return, except rental (line 12600) and farming losses (line 14100).

(5)

Include all amounts deducted for property for which an identification number is required to be, or has been, obtained under section 237.1 of the Act,
such as carrying charges for the acquisition of the property, other than amounts to which paragraphs 127.52(1)(b) to (c.2) apply. Include amounts
from Form T5004, Claim For Tax Shelter Loss or Deduction, that you claimed as an income deduction or a loss on your return.

(6)

Enter on this line carrying charges for the acquisition of an interest in a partnership of which you were a limited or non-active partner, or in a
partnership that owns a rental or leasing property or a film property. Include only carrying charges that are more than your share of the partnership's
income.

T691 E (23)

(Ce formulaire est disponible en français.)

Page 1 of 8

Protected B when completed

Part 1 – Adjusted taxable income and minimum amount (continued)

Amount from line 12 on the previous page

Resource property and flow-through shares

Total of all resource expenditures, depletion allowances and carrying
charges for resource property and flow-through shares (included on

lines 22100, 22400 and 23200 of your return)

Income (including royalties) from production
of petroleum, natural gas and minerals,
before carrying charges, resource expenditures,
and depletion allowances included on line 14

(if negative, enter "0")

Income from dispositions of foreign resource
properties, and recovery of exploration and
development expenses before carrying charges,
resource expenditures and depletion allowances

included on line 14 (if negative, enter "0")

Income from property, or from a business of
selling the product of property, described in
Class 43.1 or 43.2 in Schedule II of the Income
Tax Regulations before resource expenditures
and depletion allowances included on line 14

(if negative, enter "0")

Add lines 15 to 17.

►

–

Line 14 minus line 18 (if negative, enter "0")

67860

►

Line 13 plus line 19

Do not use this area.

67900

Non-taxable part of capital gains reported in the year

Amount from line 19700 on Schedule 3 (if negative, enter "0" on line 28).

Do not include a reserve from any year before 1986.

Capital gains (or losses) arising from mortgage
foreclosures and conditional sales repossessions

from lines 12400 and 15500 of Schedule 3

Part of total capital gains included on line 21 that
is exempt from Canadian tax under a tax treaty

(included on line 25600 of your return)

67880

Capital gains on gifts of property to qualified

donees included on line 21 ⁽⁷⁾

67890

Certain capital gains from graduated rate estates

(for details, contact its legal representative)

67870

Add lines 22 to 25.

►

–

Line 21 minus line 26 (if negative, show in brackets)

Multiply line 27 by 30%.

(if negative, do not show the result in brackets)

Enter the amount from line 12700 of your return.

If line 27 is positive, enter the amount from line A.

If line 27 is negative, enter the amount from line A or B, whichever is less, and show it in brackets.

Line 20 plus line 28

(7)

This amount includes amounts from lines 1, 2 and 3 of Column 8 of Form T1170 as well as gifts of property to a qualified donee not included on
Form T1170 (for example, gifts of listed personal property or other capital property), but excludes amounts from lines 1, 2 and 3 of Column 7 of
Form T1170 (gains on gifted property eligible for 0% inclusion rate) as these amounts are not included on line 21.

T691 E (23)

Page 2 of 8

Protected B when completed

Part 1 – Adjusted taxable income and minimum amount (continued)

Amount from line 29 on the previous page

Security options deduction under paragraph 110(1)(d) included on
line 24900 of your return (total of all amounts in box 39 of your T4 slips
plus 50% of the amount on line 2 of Form T1212, Statement of Deferred

Security Options Benefits)

67910

Gifts of securities acquired under a security option

plan included on line 24900 of your return

67914

Amount from line 31

Amount from line 32

–

Line 33 minus line 34

(if negative, enter "0")

Multiply line 35 by 40%

Line 32 plus line 36

►

–

Line 31 minus line 37 (if negative, enter "0")

►

Security options deduction under paragraph 110(1)(d.1) included on

line 24900 of your return (total of all amounts in box 41 of your T4 slips)

Deduction included on line 24900 of your return for a security received as

a prospector or grubstaker

Deduction included on line 24900 of your return for certain dispositions of

securities received from a deferred profit-sharing plan

Add lines 39 to 41.

67918

Multiply line 42 by 60%.

If you claimed limited partnership losses incurred in another year on
line 25100 of your 2023 return and you have filed an election ⁽⁸⁾,
enter the amount of deductible adjusted losses ⁽⁹⁾ incurred prior to 2012
from all limited partnerships plus any incurred after 2011 from partnerships

that are tax shelters.

If you claimed limited partnership losses incurred in another year on
line 25100 of your 2023 return and you have not filed an election ⁽⁸⁾,
enter the amount of deductible adjusted losses ⁽⁹⁾ incurred from 2003 to
2022 from partnerships that are tax shelters plus any incurred before 2003

from other limited partnerships.

67920

Enter the amount from line C or line D, whichever applies to your situation.

If you claimed non-capital losses, including restricted farm losses or farm
losses, incurred in another year on line 25200 of your 2023 return ⁽⁹⁾,
indicate the difference between those losses and the losses that are
deductible for AMT purposes (adjusted to restrict CCA or carrying charges
claimed on multiple-unit residential buildings, rental and leasing property,
certified feature films or certified productions, as well as the part for

resource expenditures and depletion allowances).

Line E plus line F

►

Add lines 30, 38, 43 and 44. ⁽¹⁰⁾

(8)

You can no longer file an election. The deadline for filing an election to restrict your limited partnership losses for partnerships that are tax shelters
was March 11, 2014.

(9)

Calculate the limited partnership losses and/or restricted farm losses, farm losses and non-capital losses for other years from CCA and carrying
charges, using the rules in effect for the year. If you need help, contact the Canada Revenue Agency.

(10)

If you elect under section 40 of the Income Tax Application Rules, include the elected income in the total on line 45.

T691 E (23)

Page 3 of 8

Protected B when completed

Part 1 – Adjusted taxable income and minimum amount (continued)

Amount from line 45 on the previous page

Amount from line 12000

of your return

Amount from line 12010

of your return

–

x 13.0435% =

Amount from line 12000

minus the amount from

line 12010 of your return

x 27.5362% =

Line G plus line H

►

Amount from line 21700

of your return

x 60% =

Net non-deducted capital losses from line 157 in Part 9 ⁽¹¹⁾

Add lines 47 to 49.

►

–

Line 46 minus line 50 (if negative, enter "0")

Adjusted taxable income

Basic exemption

–

Line 51 minus $40,000 (if negative, enter "0")

Net adjusted taxable income

If line 53 is "0", you are not subject to alternative minimum tax.
If you want to apply a minimum-tax carryover from previous years against your 2023 tax payable,
complete parts 2 and 8 and attach a copy of this form to your return. Also, complete your return as usual.

Federal tax rate

x 15%

Gross minimum amount: multiply line 53 by 15%.

Total non-refundable tax credits from line 35000 of your return

Enter the total of lines 31400, 31800, 32400

and 32600 of your return.

Federal tax rate

x 15%

Multiply line 57 by 15%.

►

–

Line 56 minus line 59 ⁽¹²⁾

►

–

Line 55 minus line 60 (if negative, enter "0")

Minimum amount

If line 61 is "0", you are not subject to alternative minimum tax.
If you want to apply a minimum-tax carryover from previous years against your 2023 tax payable,
complete parts 2 and 8 and attach a copy of this form to your return. Also, complete your return as usual.

Part 2 – Basic federal tax

Enter the amount from line 40400 of your return

Total non-refundable tax credits from line 35000 of your return

Dividend tax credit: amount from line 40425 of your return

Line 63 plus line 64

►

–

Line 62 minus line 65

Tax payable before minimum tax carryover

Minimum tax carryover applied in 2023 from line 125 in Part 8

–

Line 66 minus line 67

Basic federal tax

(11)

If you have unapplied capital losses from other years, complete Part 9 and enter the net non-deducted capital losses on line 49.
This applies even if you have not claimed any net capital losses of other years on line 25300 of your return. However, if line 27 in Part 1 is "0" or
negative, and you do not have any unapplied net capital losses from before May 23, 1985, do not complete Part 9. Enter "0" on line 49.

(12)

If you claimed a federal logging tax credit on your return, add this amount to the amount on line 60.

T691 E (23)

Page 4 of 8

Protected B when completed

Part 3 – Regular net federal tax payable

Amount from line 68 on the previous page

Federal surtax on business income earned outside Canada
Multiply the amount from line 69 by 48%. If you have to pay provincial or territorial tax to multiple
jurisdictions, multiply the result by the percentage in Column 5 of line 52220 on Form T2203. In

either case, enter the result on this line.

Recapture of investment tax credit (from line 8 of Form T2038(IND))

Add lines 69 to 71.

Federal foreign tax credit from Form T2209

Federal logging tax credit

Line 73 plus line 74

►

–

Line 72 minus line 75 (if negative, enter "0")

Federal tax payable

Federal political contribution tax credit from line 41000 of your return

Investment tax credit from line H of Form T2038(IND)

Labour-sponsored funds tax credit from line 41400 of your return

Add lines 77 to 79.

►

–

Line 76 minus line 80 (if negative, enter "0")

Regular net federal tax payable

Part 4 – Special foreign tax credit

(i)

Foreign business income (total business income earned in the foreign
country minus allowable expenses and deductions for the foreign

income)

Foreign non-business income

(on which non-business income tax was paid to a foreign country ⁽¹³⁾)

Total foreign income: line 82 plus line 83 (if negative, enter "0")

Applicable rate

x 15%

Foreign income limit for special foreign tax credit.

Line 84 multiplied by 15% (if negative, enter "0").

(ii)

Total non-business income tax

paid to a foreign country ⁽¹³⁾

x 66.6666% =

Total business income tax paid to a foreign country ⁽¹⁴⁾

Foreign taxes paid for special foreign tax credit.

Line 87 plus line 88 (if negative, enter "0")

Enter whichever is less: amount from line 86 or line 89.

Enter whichever is more: amount from line 73 or line 90.

Special foreign tax credit

(13)

Non-business income tax paid to a foreign country (see note below)

Total of non-business income or profits tax you paid to that country or to a political subdivision of that country for the year, minus any part of this tax
that is deductible under subsection 20(11) or deducted under subsection 20(12) of the Act. Non-business income tax paid to a foreign country does
not include tax that can reasonably be attributed to an amount that:

•

any other person or partnership has received, or is entitled to receive from the foreign country

•

relates to taxable capital gains from that country, and you or your spouse or common-law partner claimed a capital gains deduction for that income

•

was deductible as income exempt from tax under a tax treaty between Canada and that country

•

was taxable in the foreign country because you were a citizen of that country, and relates to income from a source within Canada

Note

The Canada Revenue Agency considers that any amount of tax you paid to a foreign government in excess of the amount you had to pay according
to a tax treaty is a voluntary contribution and does not qualify as foreign taxes paid.

(14)

Business income tax paid to a foreign country (see note 1 below)

Total of business income or profits tax you paid to a country or a political subdivision of a country for the year (see note 2 below). It does not include
any part of the business income tax that can be reasonably attributed to an amount that any other person or partnership has received or is entitled to
receive from a country, or that was payable on income that was exempt from tax under a tax treaty between Canada and that country.

Note 1

Note 2

If you were a resident of Quebec, multiply this amount by 55%.

T691 E (23)

Page 5 of 8

Protected B when completed

Part 5 – Obligation to pay alternative minimum tax

Minimum amount from line 61

Special foreign tax credit from line 91

–

Line 92 minus line 93 (if negative, enter "0")

Net minimum tax payable

Regular net federal tax payable from line 81

Federal surtax from line 70

–

Line 95 minus line 96 (if negative, enter "0")

►

–

Line 94 minus line 97 (if negative, enter "0")

If line 98 is "0", you are not subject to alternative minimum tax. If you want to apply a
minimum-tax carryover from previous years against your 2023 tax payable, complete Part 8 and
attach a copy of this form to your return. Also, complete your return as usual.
If line 98 is positive, complete parts 6 and 7.

Part 6 – Federal tax payable (under alternative minimum tax)

Basic federal tax from line 68

Amount from line 22 of Form T1206, Tax on Split Income

–

100

Line 99 minus line 100 (if negative, enter "0")

101

Minimum amount from line 61

102

Enter whichever is more: amount from line 101 or line 102.

103

Amount from line 22 of Form T1206, Tax on Split Income

104

Line 103 plus line 104 ⁽¹⁵⁾

105

Net minimum tax payable from line 94

106

Federal surtax on business income earned outside Canada
Multiply the amount from line 105 by 48%. If you have to pay provincial or
territorial tax to multiple jurisdictions, multiply the result by the percentage
in Column 5 of line 52220 on Form T2203. In either case, enter the result

on this line.

107

Line 106 plus line 107

108

Amount from line 24 of Form T1206, Tax on Split Income

109

Enter whichever is more: amount from line 108 or line 109.

Enter this amount on line 41700 of your return.

67930

110

(15)

Use the amount on line 105 as your basic federal tax (instead of line 42900 of your return) when you calculate any refundable Quebec or Yukon
First Nations abatement. If you have to pay provincial or territorial tax to multiple jurisdictions and have income allocated to Quebec, enter the
amount from line 105 on line 11 in Part 2 of Form T2203 to calculate any refundable Quebec abatement.

T691 E (23)

Page 6 of 8

Protected B when completed

Part 7 – Additional taxes paid for minimum tax carryover

Minimum amount from line 92

111

Basic federal tax from line 68

112

Special foreign tax credit from line 91

113

Federal foreign tax credit from line 73

–

114

Line 113 minus line 114 (if negative, enter "0")

115

Foreign taxes paid for special
foreign tax credit

(line 89 in Part 4)

116

Line 115 x

Foreign taxes paid (non-business
income tax paid to a foreign country ⁽¹⁶⁾

plus business income tax paid to a
foreign country ⁽¹⁷⁾)

Line 112 plus line 116

►

–

117

Line 111 minus line 117 (if negative, enter "0")

Additional taxes paid for minimum tax carryover

118

Part 8 – Applying a minimum tax carryover from previous years against 2023 tax payable

Minimum tax carryover from previous years (2016 to 2022)

119

Tax payable before minimum tax carryover from line 66

120

Federal tax on split income from line 8 of Form T1206, Tax on Split Income

–

121

Line 120 minus line 121

122

Minimum amount from line 61

–

123

Maximum carryover that can be applied in 2023:

line 122 minus line 123 (if negative, enter "0")

124

Minimum tax carryover applied in 2023:
Claim an amount that is not more than line 119 or 124, whichever is less, and enter it on

line 40427 of your return.

–

125

Balance of minimum tax carryover available for later years, if any: line 119 minus line 125

126

Additional 2023 taxes for carryover to later years from line 118

127

Line 126 plus line 127

128

Unapplied 2016 minimum tax carryover

–

129

Total minimum tax carryover available for 2024: line 128 minus line 129

130

(16)

Non-business income tax paid to a foreign country (see note below)

•

any other person or partnership has received, or is entitled to receive from the foreign country

•

relates to taxable capital gains from that country, and you or your spouse or common-law partner claimed a capital gains deduction for that income

•

was deductible as income exempt from tax under a tax treaty between Canada and that country

•

was taxable in the foreign country because you were a citizen of that country, and relates to income from a source within Canada

Note

(17)

Business income tax paid to a foreign country (see note 1 below)

Note 1

Note 2

If you were a resident of Quebec, multiply this amount by 55%.

T691 E (23)

Page 7 of 8

Part 9 – Net non-deducted capital losses

Complete this part only if line 27 in Part 1 is positive or if you have any unapplied net capital losses from before May 23, 1985.

Amount from line 27 in Part 1

131

Capital gains deduction from line 25400 of your return ⁽¹⁸⁾

–

132

Capital gains available for capital losses of other years: line 131 minus line 132

133

Pre-1988 unapplied net capital losses

x 2 =

134

1988 and 1989 unapplied net capital losses

x 3 ÷ 2 =

135

1990 through 1999 unapplied net capital losses

x 4 ÷ 3 =

136

inclusion

2000 unapplied net capital losses

÷ rate ⁽²¹⁾ =

137

2001 and later unapplied net capital losses ⁽¹⁹⁾

x 2 =

138

Add lines 134 to 138. ⁽²⁰⁾

►

139

Adjusted capital losses of other years applied against total capital gains:

Enter whichever is less: amount from line 133 or line 139.

140

Unapplied net capital loss incurred
before May 23, 1985

(if none, enter "0" on line 153)

x 2 =

141

Capital gains deductions claimed:

In 2001 through 2022

x 2 =

142

inclusion

In 2000

÷ rate ⁽²¹⁾ =

143

In 1990 through 1999

x 4 ÷ 3 =

144

In 1988 and 1989

x 3 ÷ 2 =

145

Before 1988

x 2 =

146

Add lines 142 to 146.

►

–

147

Pre-1986 capital loss balance for 2023: line 141 minus line 147 (if negative, enter "0")

148

Line 139 minus line 140

149

Enter whichever is less: amount from line 148 or line 149.

150

Allowable rate

x 80%

151

Line 150 multiplied by 80%

152

Enter whichever is less: amount from line 152 or $2,000.

153

Line 140 multiplied by 80%

154

Adjusted capital losses: line 153 plus line 154

155

Net capital losses of other years from line 25300 of your return

–

156

Line 155 minus line 156

Enter this amount on line 49 in Part 1.

Net non-deducted capital losses

157

(18)

Do not include the part of the capital gains deduction for the disposition of eligible capital property that is qualified farm property or qualified fishing
property.

(19)

If you are completing this form for a prior year, include on this line any losses you are carrying back from a future year.

(20)

Do not include the non-deducted part of capital losses from mortgage foreclosures and conditional sales repossessions. For post-1994 net capital
losses, note 3 on page 1 also applies here.

(21)

You can find this information on your notice of assessment or reassessment for 2000, or by contacting the Canada Revenue Agency.

See the privacy notice on your return.

T691 E (23)

Page 8 of 8