| Protected B when completed | ||||||||||||||||||
| Step 4 – Calculating taxable income (see lines 34 to 47 in the guide) | ||||||||||||||||||
| Trust's net income (line 33 of Step 3) | 50 | = | 34 | |||||||||||||||
| Deductions to arrive at taxable income | ||||||||||||||||||
| Non-capital losses of other years (see line 35 in the guide) | 51 | 35 | ||||||||||||||||
| Net capital losses of other years (see line 36 in the guide) | 52 | + | 36 | |||||||||||||||
| Foreign income exempt from tax in Canada | 541 | 37 | ||||||||||||||||
| Non-profit organizations (subparagraph 149(5)(f)(i)) | 542 | + | 38 | |||||||||||||||
| Farming or fishing losses of other years | 543 | + | 39 | |||||||||||||||
| Restricted farm losses of other years | 544 | + | 40 | |||||||||||||||
| Limited partnership losses of other years | 545 | + | 41 | |||||||||||||||
| Restricted interest and financing expenses of other years | ||||||||||||||||||
| (line 537 of Schedule T3SCH130) | 547 | + | 42 | |||||||||||||||
| Other deductions | 549 | + | 43 | |||||||||||||||
| Total other deductions (add lines 37 to 43) | 54 | = | ► | + | 44 | |||||||||||||
| Add lines 35, 36, and 44. | = | ► | – | 45 | ||||||||||||||
| 55 | + | 46 | ||||||||||||||||
| ▲ | Line 34 minus line 45 plus line 46 | Trust's taxable income | 56 | = | 47 | |||||||||||||
| If the amount is more than zero, enter the amount from line 47 on line 1 of Schedule T3SCH11. If the amount is zero or negative, enter "0" on line 47. If minimum tax applies, enter the positive or negative result from line 47 on line 27 of Schedule T3SCH12. |
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| Step 5 – Summary of tax and credits (see lines 48 to 79 in the guide) | ||||||||||||||||||
| Tax: | ||||||||||||||||||
| Part II.2 tax payable (line 53 of Schedule T3SCH10) | 80 | •48 | ||||||||||||||||
| ▲ | Total federal tax payable (see line 49 in the guide) | 81 | + | •49 | ||||||||||||||
| ▲ | Provincial or territorial tax payable (from the applicable provincial or territorial form) | 82 | + | •50 | ||||||||||||||
| Part XII.2 tax payable (line 12 of Schedule T3SCH10) | 83 | + | •51 | |||||||||||||||
| Add lines 48 to 51. Total taxes payable | 84 | = | ► | •52 | ||||||||||||||
| Credits: | ||||||||||||||||||
| ▲ | Tax paid by instalments | 85 | •53 | |||||||||||||||
| ▲ | Total tax deducted (see lines C, D, and 54 in the guide) | C | ||||||||||||||||
| Transfer to Quebec | – | D | ||||||||||||||||
| Net tax deducted (line C minus line D) | 86 | = | ► | + | •54 | |||||||||||||
| Refundable Quebec abatement (line 35 of Schedule T3SCH11, or line 73 of Schedule T3SCH12) | 87 | + | •55 | |||||||||||||||
| Refundable investment tax credit [Form T2038(IND)] | 88 | + | •56 | |||||||||||||||
| Clean technology investment tax credit (Form T1098) | 881 | + | •57 | |||||||||||||||
| Capital gains refund (Form T184) | 89 | + | •58 | |||||||||||||||
| Part XII.2 tax credit (box 38 of T3 slip) | 90 | + | •59 | |||||||||||||||
| Continue on next page. | ||||||||||||||||||
| T3 RET E (24) | Page 5 of 6 | |||||||||||||||||