| Protected B when completed | ||||||||||||||||||||
| Part 5 – Obligation to pay alternative minimum tax | ||||||||||||||||||||
| Minimum amount from line 112 of Part 1 | 1 | |||||||||||||||||||
| Special foreign tax credit from line 11 of Part 4 | – | 2 | ||||||||||||||||||
| Line 1 minus line 2 (if negative, enter "0") | Net minimum tax payable | = | 3 | |||||||||||||||||
| Regular net federal tax payable from line 15 of Part 3 | 4 | |||||||||||||||||||
| Federal surtax from line 4 of Part 3 | – | 5 | ||||||||||||||||||
| Line 4 minus line 5 (if negative, enter "0") | = | ► | – | 6 | ||||||||||||||||
| Line 3 minus line 6 (if negative, enter "0") | = | 7 | ||||||||||||||||||
| Amount from line 12 of Part 3 | 8 | |||||||||||||||||||
| Amount from line 15 of Form T2038(IND) | – | 9 | ||||||||||||||||||
| Line 8 minus line 9 (if negative, enter "0") | = | ► | – | 10 | ||||||||||||||||
| Line 7 minus line 10 (if negative, enter "0") | = | 11 | ||||||||||||||||||
| If line 11 is "0", you are not subject to alternative minimum tax. If you want to apply a minimum-tax carryover from previous years against your 2024 tax payable, complete Part 8 and attach a copy of this form to your return. Also, complete your return as usual. If line 11 is positive, complete parts 6 and 7. |
||||||||||||||||||||
| Part 6 – Federal tax payable (under alternative minimum tax) | ||||||||||||||||||||
| Basic federal tax from line 7 of Part 2 | 1 | |||||||||||||||||||
| Amount from line 22 of Form T1206, Tax on Split Income | – | 2 | ||||||||||||||||||
| Line 1 minus line 2 (if negative, enter "0") | = | 3 | ||||||||||||||||||
| Minimum amount from line 112 of Part 1 | 4 | |||||||||||||||||||
| Enter whichever is more: amount from line 3 or line 4. | 5 | |||||||||||||||||||
| Amount from line 22 of Form T1206 | + | 6 | ||||||||||||||||||
| Line 5 plus line 6 (16) | = | 7 | ||||||||||||||||||
| Net minimum tax payable from line 3 of Part 5 | 8 | |||||||||||||||||||
| Federal surtax on business income earned outside Canada | ||||||||||||||||||||
| Multiply the amount from line 7 by 48%. | 9 | |||||||||||||||||||
| If you have to pay tax to multiple jurisdictions, multiply the amount from line 9 by the percentage in Column 5 of line 52220 on |
||||||||||||||||||||
| Form T2203. | 10 | |||||||||||||||||||
| If you have an amount on line 10, enter that amount. If not, and you are a non-resident or deemed resident, enter the amount from line 9. |
||||||||||||||||||||
| Otherwise, enter "0". | + | 11 | ||||||||||||||||||
| Line 8 plus line 11 | = | 12 | ||||||||||||||||||
| Amount from line 24 of Form T1206 | 13 | |||||||||||||||||||
| Enter whichever is more: amount from line 12 or line 13. | ||||||||||||||||||||
| Enter this amount on line 41700 of your return. | 67930 | 14 | ||||||||||||||||||
| (16) |
Use the amount on line 7 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 7 on line 11 of Part 2 of Form T2203 to calculate any refundable Quebec abatement. |
|||||||||||||||||||
| T691 E (24) | Page 8 of 10 | |||||||||||||||||||
| Protected B when completed | ||||||||||||||||||||
| Part 7 – Additional taxes paid for minimum tax carryover | ||||||||||||||||||||
| Minimum amount from line 112 of Part 1 | 1 | |||||||||||||||||||
| Basic federal tax from line 7 of Part 2 | 2 | |||||||||||||||||||
| Recapture of investment tax credit from line 8 of Form T2038(IND) | + | 3 | ||||||||||||||||||
| Line 2 plus line 3 | = | 4 | ||||||||||||||||||
| Federal logging tax credit (line 138 of your return for residents of a province or territory other than |
||||||||||||||||||||
| Quebec, or line 142 for residents of Quebec) | 5 | |||||||||||||||||||
| Amount from line 41600 of your return | + | 6 | ||||||||||||||||||
| Line 5 plus line 6 | = | ► | – | 7 | ||||||||||||||||
| Line 4 minus line 7 | = | 8 | ||||||||||||||||||
| Special foreign tax credit from line 11 of Part 4 | 9 | |||||||||||||||||||
| Federal foreign tax credit from line 7 of Part 3 | – | 10 | ||||||||||||||||||
| Line 9 minus line 10 (if negative, enter "0") | = | 11 | ||||||||||||||||||
| Foreign taxes* paid for special | ||||||||||||||||||||
| foreign tax credit (line 9 of Part 4) | = | + | 12 | |||||||||||||||||
| Line 11 x | Foreign taxes* paid (non-business income tax paid to a foreign country (17) |
|||||||||||||||||||
| plus business income tax paid to a foreign country (18)) |
||||||||||||||||||||
| Line 8 plus line 12 | = | ► | – | 13 | ||||||||||||||||
| Additional taxes paid for | ||||||||||||||||||||
| Line 1 minus line 13 (if negative, enter "0") | minimum tax carryover | = | 14 | |||||||||||||||||
| (17) | Non-business income tax paid to a foreign country* | |||||||||||||||||||
| 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 ITA. 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 | |||||||||||||||||||
| (18) | Business income tax paid to a foreign country* | |||||||||||||||||||
| Total of business income or profits tax you paid to a country or a political subdivision of a country for the year, if you were a resident of Quebec, multiply this amount by 55%. 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. |
||||||||||||||||||||
| * 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. |
||||||||||||||||||||
| T691 E (24) | Page 9 of 10 | |||||||||||||||||||
| Protected B when completed | ||||||||||||||||||||
| Part 8 – Applying a minimum tax carryover from previous years against 2024 tax payable | ||||||||||||||||||||
| Minimum tax carryover from previous years (2017 to 2023) | 1 | |||||||||||||||||||
| Tax payable before minimum tax carryover from line 5 of Part 2 | 2 | |||||||||||||||||||
| Recapture of investment tax credit from line 8 of Form T2038(IND) | + | 3 | ||||||||||||||||||
| Line 2 plus line 3 | = | 4 | ||||||||||||||||||
| Federal tax on split income from line 8 of | ||||||||||||||||||||
| Form T1206 | 5 | |||||||||||||||||||
| Federal logging tax credit (line 138 of your return for residents of a province or territory other than |
||||||||||||||||||||
| Quebec, or line 142 for residents of Quebec) | + | 6 | ||||||||||||||||||
| Amount from line 41600 of your return | + | 7 | ||||||||||||||||||
| Add lines 5 to 7 | = | ► | – | 8 | ||||||||||||||||
| Line 4 minus line 8 | = | 9 | ||||||||||||||||||
| Minimum amount from line 112 of Part 1 | – | 10 | ||||||||||||||||||
| Maximum carryover that can be applied in 2024: | ||||||||||||||||||||
| line 9 minus line 10 (if negative, enter "0") | = | 11 | ||||||||||||||||||
| Claim an amount that is not more than line 1 or 11, whichever is less. | Minimum tax carryover | |||||||||||||||||||
| Enter this amount on line 40427 of your return. | applied in 2024 | – | 12 | |||||||||||||||||
| Balance of minimum tax carryover available for later years, if any: line 1 minus line 12 | = | 13 | ||||||||||||||||||
| Additional 2024 taxes for carryover to later years from line 14 of Part 7 | + | 14 | ||||||||||||||||||
| Line 13 plus line 14 | = | 15 | ||||||||||||||||||
| Unapplied 2017 minimum tax carryover | – | 16 | ||||||||||||||||||
| Total minimum tax carryover available for 2025: line 15 minus line 16 | = | 17 | ||||||||||||||||||
| Part 9 – 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) | 1 | |||||||||||||||||||
| Income (including royalties) from production of petroleum, natural gas and minerals, before carrying charges, resource expenditures, and depletion |
||||||||||||||||||||
| allowances included on line 1 (if negative, enter "0") | 2 | |||||||||||||||||||
| 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 1 |
||||||||||||||||||||
| (if negative, enter "0") | + | 3 | ||||||||||||||||||
| 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 1 (if negative, enter "0") | + | 4 | ||||||||||||||||||
| Add lines 2 to 4. | = | ► | – | 5 | ||||||||||||||||
| Line 1 minus line 5 (if negative, enter "0") | Resource property and | |||||||||||||||||||
| Enter this amount on line 14 of Part 1. | flow-through share | 67860 | = | 6 | ||||||||||||||||
| See the privacy notice on your return. | ||||||||||||||||||||
| T691 E (24) | Page 10 of 10 | |||||||||||||||||||