| Note 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 2015. Do not include any amounts that you have to include on lines 8 to 10 of this form. |
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| Note 2 – | 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". |
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| Note 3 – | 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 122 of your return, except rental (line 126) and farming losses (line 141). |
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| Note 4 – | Also include all other 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. 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. Do not include amounts that you have to include on any other line of this form. |
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| Note 5 – | 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. |
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| Note 6 – | If you completed Form RC310, Election for Special Relief for Tax Deferral Election on Employee Security Options, reduce the amount reported on line 28 by the amount reported on line 2 of Form RC310. |
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| Note 7 – | 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 us. |
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| Note 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. |
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| Note 9 – | If you elect under section 40 of the Income Tax Application Rules, include the elected income in the total on line 42. | ||||
| Note 10 – | If you have unapplied capital losses from other years, complete Part 9 and enter the net non-deducted capital losses on line 45. This applies even if you have not claimed any net capital losses of other years on line 253 of your return. However, if line 23 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 45. |
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| Note 11 – | If you claimed a federal logging tax credit on your Schedule 1, add this amount to the amount on line 57. | ||||
| Note 12 – | Use the amount on line 102 as your basic federal tax (instead of line 429 of Schedule 1) 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 102 on line 11 in Part 2 of Form T2203 to calculate any refundable Quebec abatement. |
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| Note 13 – | 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. |
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| Note 14 – | Do not include the non-deducted part of capital losses from mortgage foreclosures and conditional sales repossessions. For post-1994 net capital losses, the first paragraph under Note 3 also applies here. |
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