| Protected B when completed | ||||||||||||||||||||
| Part 5 – Obligation to pay alternative minimum tax | ||||||||||||||||||||
| Minimum amount from line 61 | 92 | |||||||||||||||||||
| Special foreign tax credit from line 91 | – | 93 | ||||||||||||||||||
| Line 92 minus line 93 (if negative, enter "0") | Net minimum tax payable | = | 94 | |||||||||||||||||
| Regular net federal tax payable from line 81 | 95 | |||||||||||||||||||
| Federal surtax from line 70 | – | 96 | ||||||||||||||||||
| Line 95 minus line 96 (if negative, enter "0") | = | ► | – | 97 | ||||||||||||||||
| Line 94 minus line 97 (if negative, enter "0") | = | 98 | ||||||||||||||||||
| 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. |
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| Part 6 – Federal tax payable (under alternative minimum tax) | ||||||||||||||||||||
| Basic federal tax from line 68 | 99 | |||||||||||||||||||
| 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 |
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| 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. |
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| 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 |
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| (line 89 in Part 4) | = | + | 116 | |||||||||||||||||
| Line 115 x | Foreign taxes paid (non-business income tax paid to a foreign country (16) |
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| plus business income tax paid to a foreign country (17)) |
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| 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 |
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| 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) | |||||||||||||||||||
| 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: |
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| • | 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. |
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| (17) | 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. |
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| Note 1 | ||||||||||||||||||||
| 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. |
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| Note 2 | ||||||||||||||||||||
| If you were a resident of Quebec, multiply this amount by 55%. | ||||||||||||||||||||
| T691 E (23) | Page 7 of 8 | |||||||||||||||||||