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Canada Revenue
Agency		 Agence du revenu
du Canada		 Protected B when completed
2024
Calculation of Capital Gains Deduction
 
Step 1 – Calculate your annual gains limit for 2024
Total of lines 10684, 10686, and 10688 of Schedule 3 (if negative, show in brackets)    1
Total amount from line 15 of Form T2017 (if negative, show in brackets)   +  2
 
Total of lines 10700, 11000, and 12400 of Schedule 3 (if negative, show in brackets)   +  3
Add lines 1 to 3 (if negative, show in brackets).   =  4
 
Total amount from lines 30 and 33 of Form T2017   –  5
 
Line 4 minus line 5 (if negative, show in brackets)   =  6
 
Inclusion rate    x               1/2  7
 
Line 6 multiplied by the inclusion rate of line 7 Total taxable capital gains or losses    
(if negative, enter "0") for 2024 for qualifying property   =  8
 
Total taxable capital gains (or net capital losses) from line 19900 of Schedule 3  
(if negative, show in brackets)    9
 
Total of amounts from lines 17599 and 17600 of  
Schedule 3 (if negative, show in brackets)      x 1/2 =   –  10
 
Line 9 minus line 10   =  11
 
Enter whichever is less: amount from line 8 or line 11. Eligible taxable    
If line 12 is "0", you cannot claim a capital gains deduction for 2024. capital gains for 2024    12
 
Net capital losses of other years deducted in 2024
(line 25300 of your 2024 return)    13
 
Net non-eligible taxable capital gains in 2024  
(line 14 of Chart A of Form T936 for 2024)   –  14
 
Adjusted net capital losses of other years:  
Line 13 minus line 14 (if negative, enter "0")   =  15
 
Allowable business investment losses from line 21700 of your 2024 return.   +  16
 
Line 15 plus line 16 Total losses for annual gains limit   = ► –  17
 
Line 12 minus line 17 (if negative, enter "0") Annual gains limit for 2024   =  18
 
T657 E (24) (Ce formulaire est disponible en français.) Canada Logo
Protected B when completed
 
Step 2 – Calculate your cumulative gains limit for 2024
 
Total taxable capital gains reported after 1984 and before 1992:
Total amount from line 127 of your returns for these years
(do not include reserves reported on property disposed of before 1985)    1
 
1992 and 1993 eligible taxable capital gains:  
Total amount from line 3 in Part 1 of Form T657 or Form T657A for 1992 and 1993   +  2
 
1994 eligible taxable capital gains:  
Amount from line 5 in Part 1 of Form T657 or T657A for 1994   +  3
 
1995 eligible taxable capital gains:  
Amount from line 7 in Part 1 of Form T657 or line 3 of Form T657A for 1995   +  4
 
1996 to 1999 eligible taxable capital gains:  
Total amount from line 8 in Part 1 of Form T657 for these years   +  5
 
2000 eligible taxable capital gains:  
Amount from line 7 in Part 1 of Form T657 for 2000   +  6
 
2001 eligible taxable capital gains:  
Amount from line 8 in Part 1 of Form T657 for 2001   +  7
 
2002 to 2024 eligible taxable capital gains:
Total amount from line 10 in Part 1 of Form T657 for 2002 to 2017, line 8 in Part 1 of Form T657		  
for 2018 to 2023, and line 12 in Step 1 of Form T657 for 2024   +  8
 
Add lines 1 to 8. Cumulative eligible taxable capital gains   =  9
Allowable capital losses claimed in 1985 shown in brackets
on line 127 of your 1985 return (maximum $2,000)    10
 
Total allowable business investment losses claimed after 1984 and before 2024:
Total amount from line 217 of your returns for 1985 to 2018 and line 21700 of		  
your returns for 2019 to 2023   +  11
 
Total net capital losses of other years claimed after 1984 and before 2024:  
Total of amounts in column G in Chart 1   +  12
 
Total losses used to calculate your annual gains limit for 2024:  
Amount from line 17 in Step 1   +  13
 
Cumulative net investment loss to December 31, 2024:  
Amount from line C in Part 3 of Form T936 for 2024   +  14
 
Total capital gains deductions claimed after 1984 and before 2024:
Total amount from line 254 of your returns for 1985 to 2018 and line 25400		  
of your returns for 2019 to 2023   +  15
 
Add lines 10 to 15.   = ► –  16
 
Line 9 minus line 16 (if negative, enter "0")
If "0", you cannot claim a capital gains deduction for 2024		    
(do not complete the rest of this form). Cumulative gains limit for 2024   =  17
 
 
T657 E (24)
Protected B when completed
 
Step 3 – Determine which charts you need to complete
 
To determine which charts you need to complete, answer the questions below by ticking yes or no.
Note: If you disposed of qualified farm or fishing property (QFFP) or qualified small business corporation shares (QSBCS)
in 2024 and are not reporting a reserve claimed in a previous year, begin at Step 3b at the bottom of this page.
 
Step 3a – Are you reporting a reserve in 2024 on dispositions of...
 
...QFFP or QSBCS to your child in 2015?   Yes  No
...QFFP to your child after April 20, 2015, and before 2016?   Yes  No
 
...QFFP or QSBCS to your child in 2016?   Yes  No
...QFFP to your child in 2016?   Yes  No
 
...QFFP or QSBCS to your child in 2017?   Yes  No
...QFFP to your child in 2017?   Yes  No
 
...QFFP or QSBCS to your child in 2018?   Yes  No
...QFFP to your child in 2018?   Yes  No
 
...QFFP or QSBCS to your child in 2019?   Yes  No
...QFFP to your child in 2019?   Yes  No
 
...QFFP or QSBCS in 2020, or an amount included in box 30 of a 2024 T3 slip and the footnote
area indicates that the property was disposed of in 2020?   Yes  No
...QFFP in 2020, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates
that the property was disposed of in 2020?   Yes  No
 
...QFFP or QSBCS in 2021, or an amount included in box 30 of a 2024 T3 slip and the footnote
area indicates that the property was disposed of in 2021?   Yes  No
...QFFP in 2021, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates
that the property was disposed of in 2021?   Yes  No
 
...QFFP or QSBCS in 2022, or an amount included in box 30 of a 2024 T3 slip and the footnote
area indicates that the property was disposed of in 2022?   Yes  No
...QFFP in 2022, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates
that the property was disposed of in 2022?   Yes  No
 
...QFFP or QSBCS in 2023, or an amount included in box 30 of a 2024 T3 slip and the footnote
area indicates that the property was disposed of in 2023?   Yes  No
...QFFP in 2023, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates
that the property was disposed of in 2023?   Yes  No
 
Step 3b – Did you dispose of...
 
...QFFP or QSBCS (including designations of taxable capital gains distributed by a trust) in 2024
before June 25, 2024 (Period 1)?   Yes  No
...QFFP or QSBCS (including designations of taxable capital gains distributed by a trust) in 2024
after June 24, 2024 (Period 2)?   Yes  No
 
T657 E (24)

Protected B when completed
 
Chart 2015 – Capital gains deduction
 
Part 1 – Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2015.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2015   A
   
Capital gains deductions claimed from previous years from line 19 of Chart 2 (1)   – B
   
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2015 included in  
your 2024 income: amount A minus amount B (if negative, enter "0")   = C
   
Amount from line 7 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2015) (if negative, show in brackets)    D
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS in any year
other than 2015) (if negative, show in brackets)   +  E
Taxable capital gains from a reserve on QFFP
and/or QSBCS disposed of in 2015 included in
your 2024 income: amount D plus amount E		  
(if negative, enter "0")   =   x 1/2 =   F
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount C or amount F. income eligible for capital gains deduction   G
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount G above.
If you are not reporting a reserve in 2024 from the disposition of QFFP after April 20, 2015, and
before 2016, are not bringing a reserve into 2024 income for any disposition of QFFP or QSBCS
after 2015, and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you  
can claim on line 25400 of your 2024 return. However, you can choose to claim less.   H
If you are reporting a reserve in 2024 from the disposition of QFFP after April 20, 2015, and before 2016, and amount C
above is less than the amounts on line 18 in Step 1, line 17 in Step 2, and amount G above, and you want to claim the
additional deduction, complete Part 2 of Chart 2015 on the next page.
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2015 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2015, plus
  • amount of all capital gains deductions you have already claimed from 2015 to 2023 for this reserve, plus
  • amount of capital gains deductions you claimed for other gains (not the reserve) from 2015 to 2023, minus 1/2 of the
maximum LCGE increase allowed for the other gains from 2015 to the year that the other gains are reported (if negative,
use "0")
 
  Enter the result at amount B.
 
T657 E (24)
Protected B when completed
Chart 2015 – Capital gains deduction
 
Part 2 – Qualified farm or fishing property (QFFP)
 
Complete this chart if you meet both of the following conditions:
• You are reporting a reserve in 2024 from the disposition of QFFP to your child after April 20, 2015, and before 2016
• Amount C in Part 1 is equal to or less than all of the following amounts:
  – your annual gains limit for 2024 from line 18 in Step 1
  – your cumulative gains limit for 2024 from line 17 in Step 2
  – the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from
amount G in Part 1 of Chart 2015
 
Note: For this period, there is an additional $93,200 to the capital gains deduction limit that can only be used after your
cumulative capital gains deduction of $406,800 has been used up. This additional amount does not apply to
dispositions of qualified small business corporation shares.
 
 
Maximum capital gains deduction for QFFP disposed of after April 20, 2015, and before 2016   A
   
Total amount of capital gains included in your 2024 income eligible for capital gains deduction  
from amount G in Part 1 for 2015   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP disposed of after April 20, 2015, and before 2016  
included in your 2024 income: amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 7 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2015) (if negative, show in brackets)     x 1/2 =   F
 
Enter whichever is less: amount E or amount F.   G
 
Enter amount B from above.   + H
 
Amount G plus amount H   = I
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount F or amount I. income eligible for capital gains deduction   J
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024
income for any disposition after 2015, this is the maximum amount you can claim on line 25400  
of your 2024 return. However, you can choose to claim less.   K
 
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains after April 20, 2015, to 2023, complete the
following calculation instead:
  • amount from line k of Chart 2 of your 2016 Form T657 that only includes amounts claimed before April 21, 2015, plus
  • amount of all capital gains deductions you have already claimed after April 20, 2015, and before 2016 for this reserve, plus
  • amount of the capital gains deductions you claimed after December 31, 2015, to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) after April 20, 2015, to 2023, minus
1/2 of the maximum LCGE increase allowed for the other gains from 2015 to the year that the other gains are reported
(if negative, use "0")
 
  Enter the result at amount D.
   
 
T657 E (24)

Protected B when completed
 
Chart 2016 – Capital gains deduction
 
Part 1 – Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2016.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2016   A
   
Enter the last amount that you calculated for "Total amount of capital gains included in 2024  
income eligible for the capital gains deduction" from Chart 2015.   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2016 included in  
your 2024 income: amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2016) (if negative, show in brackets)    F
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS in any year
other than 2016) (if negative, show in brackets)   +  G
Taxable capital gains from a reserve on QFFP
and/or QSBCS disposed of in 2016 included in
your 2024 income: amount F plus amount G		  
(if negative, enter "0")   =   x 1/2 =   H
 
Enter whichever is less: amount E or amount H.   I
 
Enter amount B from above.   + J
   
Total amount of capital gains included in 2024    
Amount I plus amount J income eligible for capital gains deduction   = K
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount K above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2016, are
not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2016,
and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on  
line 25400 of your 2024 return. However, you can choose to claim less.   L
If you are reporting a reserve in 2024 from the disposition of QFFP in 2016 and amount E above is equal to or less than
the amounts on line 18 of Step 1, line 17 of Step 2, and amount K above, and you want to claim the additional deduction,
complete Part 2 of Chart 2016 on the next page.
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2016 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2016, plus
  • amount of all capital gains deductions you have already claimed from 2016 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2016 to 2023, minus 1/2 of the
maximum LCGE increase allowed for the other gains from 2016 to the year the other gains are reported
(if negative, use "0")
 
  Enter the result at amount D.
 
T657 E (24)
Protected B when completed
Chart 2016 – Capital gains deduction
 
Part 2 – Qualified farm or fishing property (QFFP)
 
Complete this chart if you meet both of the following conditions:
• You are reporting a reserve in 2024 from the disposition of QFFP to your child in 2016
• Amount E in Part 1 is equal to or less than all of the following amounts:
  – your annual gains limit for 2024 from line 18 in Step 1
  – your cumulative gains limit for 2024 from line 17 in Step 2
  – the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from
amount K in Part 1 of Chart 2016
 
Note: For 2016, there is an additional $87,912 to the capital gains deduction limit that can only be used after your
cumulative capital gains deduction of $412,088 has been used up. This additional amount does not apply to
dispositions of qualified small business corporation shares.
 
Maximum capital gains deduction for QFFP disposed of in 2016   A
   
Enter amount K from Part 1 of Chart 2016.   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP disposed of in 2016 included in your 2024 income:  
Amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2016 (if negative, show in brackets)     x 1/2 =   F
 
Enter whichever is less: amount E or amount F.   G
 
Enter amount B from above.   + H
 
Amount G plus amount H   = I
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount F or amount I. income eligible for capital gains deduction   J
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024
income for any disposition after 2016, this is the maximum amount you can claim on line 25400  
of your 2024 return. However, you can choose to claim less.   K
 
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2016 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2016, plus
  • amount of all capital gains deductions you have already claimed from 2016 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2016 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2016 to the year the other gains are reported
(if negative, use "0")
 
  Enter the result at amount D.
   
 
T657 E (24)

Protected B when completed
 
Chart 2017 – Capital gains deduction
 
Part 1 – Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2017.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2017   A
   
Enter the last amount you calculated for "Total amount of capital gains included in 2024 income
eligible for the capital gains deduction" from 2015 to 2016. If you did not complete charts for 2015		  
to 2016, enter "0".   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2017 included in  
your 2024 income: amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2017) (if negative, show in brackets)    F
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS in any year
other than 2017) (if negative, show in brackets)   +  G
Taxable capital gains from a reserve on QFFP
and/or QSBCS disposed of in 2017 included in
your 2024 income: amount F plus amount G		  
(if negative, enter "0")   =   x 1/2 =   H
 
Enter whichever is less: amount E or amount H.   I
 
Enter amount B from above.   + J
   
Total amount of capital gains included in 2024    
Amount I plus amount J income eligible for capital gains deduction   = K
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount K above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2017, are
not bringing a reserve into your 2024 income from any disposition of QFFP or QSBCS after 2017,
and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on  
line 25400 of your 2024 return. However, you can choose to claim less.   L
If you are reporting a reserve in 2024 from a disposition of QFFP in 2017 and amount E above is equal to or less than
the amounts on line 18 of Step 1, line 17 of Step 2, and amount K above, and you want to claim the additional deduction,
complete Part 2 of Chart 2018 on the next page.
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2017 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2017, plus
  • amount of all capital gains deductions that you have already claimed from 2017 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2017 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2017 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
 
T657 E (24)
Protected B when completed
Chart 2017 – Capital gains deduction
 
Part 2 – Qualified farm or fishing property (QFFP)
 
Complete this chart if you meet both of the following conditions:
• You disposed of qualified farm or fishing property (QFFP) to your child in 2017
• Amount E in Part 1 is equal to or less than all of the following amounts:
  – your annual gains limit for 2024 from line 18 in Step 1
  – your cumulative gains limit for 2024 from line 17 in Step 2
  – the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from
amount K in Part 1 of Chart 2017
 
Note: For 2017, there is an additional $82,142 to the capital gains deduction limit that can only be used after your
cumulative capital gains deduction of $417,858 has been used up. This additional amount does not apply to
dispositions of qualified small business corporation shares (QSBCS).
 
Maximum capital gains deduction for QFFP disposed of in 2017   A
   
Enter amount K from Part 1 of Chart 2017.   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP disposed of in 2017 included in your 2024 income:  
amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2017) (if negative, show in brackets)     x 1/2 =   F
 
Enter whichever is less: amount E or amount F.   G
 
Enter amount B from above.   + H
 
Amount G plus amount H   = I
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount F or amount I. income eligible for capital gains deduction   J
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024
income for any disposition after 2017, this is the maximum amount you can claim on line 25400  
of your 2024 return. However, you can choose to claim less.   K
 
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2017 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2017, plus
  • amount of all capital gains deductions that you have already claimed from 2017 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2017 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2017 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
   
 
T657 E (24)

Protected B when completed
 
Chart 2018 – Capital gains deduction
 
Part 1 – Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2018.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2018   A
   
Enter the last amount that you calculated for "Total amount of capital gains included in 2024
income eligible for the capital gains deduction" from 2015 to 2017. If you did not complete charts		  
for 2015 to 2017, enter "0".   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2018 included in your  
2024 income: amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2018) (if negative, show in brackets)    F
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS in any year
other than 2018) (if negative, show in brackets)   +  G
Taxable capital gains from a reserve on QFFP
and/or QSBCS disposed of in 2018 included in
your 2024 income: amount F plus amount G		  
(if negative, enter "0")   =   x 1/2 =   H
 
Enter whichever is less: amount E or amount H.   I
 
Enter amount B from above.   + J
   
Total amount of capital gains included in 2024    
Amount I plus amount J income eligible for capital gains deduction   = K
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount K above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2018, are
not bringing a reserve into your 2024 income from any disposition of QFFP or QSBCS after 2018,
and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on  
line 25400 of your 2024 return. However, you can choose to claim less.   L
If you are reporting a reserve in 2024 from a disposition of QFFP in 2018 and amount E above is equal to or less than
the amounts on line 18 of Step 1, line 17 of Step 2, and amount K above, and you want to claim the additional deduction,
complete Part 2 of Chart 2018 on the next page.
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2018 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2018, plus
  • amount of all capital gains deductions that you have already claimed from 2018 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2018 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2018 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
 
T657 E (24)
Protected B when completed
Chart 2018 – Capital gains deduction
 
Part 2 – Qualified farm or fishing property (QFFP)
 
Complete this chart if you meet both of the following conditions:
• You disposed of QFFP to your child in 2018
• Amount E in Part 1 is equal to or less than all of the following amounts:
  – your annual gains limit for 2024 from line 18 in Step 1
  – your cumulative gains limit for 2024 from line 17 in Step 2
  – the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from
amount K in Part 1 of Chart 2018
 
Note: For 2018, there is an additional $75,874 to the capital gains deduction limit that can only be used after your
cumulative capital gains deduction of $424,126 has been used up. This additional amount does not apply to
dispositions of qualified small business corporation shares (QSBCS).
 
Maximum capital gains deduction for QFFP disposed of in 2018   A
   
Enter amount K from Part 1 of Chart 2018.   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP disposed of in 2018 included in your 2024 income:  
amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2018) (if negative, show in brackets)     x 1/2 =   F
 
Enter whichever is less: amount E or amount F.   G
 
Enter amount B from above.   + H
 
Amount G plus amount H   = I
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount F or amount I. income eligible for capital gains deduction   J
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024
income for any disposition after 2018, this is the maximum amount you can claim on line 25400  
of your 2024 return. However, you can choose to claim less.   K
 
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2018 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2018, plus
  • amount of all capital gains deductions that you have already claimed from 2018 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2018 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2018 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
   
 
T657 E (24)

Protected B when completed
 
Chart 2019 – Capital gains deduction
 
Part 1 – Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2019.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2019   A
   
Enter the last amount that you calculated for "Total amount of capital gains included in
2024 income eligible for the capital gains deduction" from 2015 to 2018. If you did not complete		  
charts for 2015 to 2018, enter "0".   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2019 included in  
your 2024 income: amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2019) (if negative, show in brackets)    F
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS in any year
other than 2019) (if negative, show in brackets)   +  G
Taxable capital gains from a reserve on QFFP
and/or QSBCS disposed of in 2019 included in
your 2024 income: amount F plus amount G		  
(if negative, enter "0")   =   x 1/2 =   H
 
Enter whichever is less: amount E or amount H.   I
 
Enter amount B from above.   + J
   
Total amount of capital gains included in 2024    
Amount I plus amount J income eligible for capital gains deduction   = K
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount K above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2019, are
not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2019,
and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on  
line 25400 of your 2024 return. However, you can choose to claim less.   L
If you are reporting a reserve in 2024 from a disposition of QFFP in 2019 and amount E above is equal to or less than
the amounts on line 18 of Step 1, line 17 of Step 2, and amount K above, and you want to claim the additional deduction,
complete Part 2 of Chart 2019 on the next page.
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2019 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2019, plus
  • amount of all capital gains deductions that you have already claimed from 2019 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2019 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2019 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
 
T657 E (24)
Protected B when completed
Chart 2019 – Capital gains deduction
 
Part 2 – Qualified farm or fishing property (QFFP)
 
Complete this chart if you meet both of the following conditions:
• You disposed of QFFP to your child in 2019
• Amount E in Part 1 is equal to or less than all of the following amounts:
  – your annual gains limit for 2024 from line 18 in Step 1
  – your cumulative gains limit for 2024 from line 17 in Step 2
  – the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from
amount K in Part 1 of Chart 2019
 
Note: For 2019, there is an additional $66,544 to the capital gains deduction limit that can only be used after your cumulative
capital gains deduction of $433,456 has been used up. This additional amount does not apply to dispositions of qualified
small business corporation shares (QSBCS).
 
Maximum capital gains deduction for QFFP disposed of in 2019   A
   
Enter amount K from Part 1 of Chart 2019.   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP disposed of in 2019 included in your 2024 income:  
amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2019) (if negative, show in brackets)     x 1/2 =   F
 
Enter whichever is less: amount E or amount F.   G
 
Enter amount B from above.   + H
 
Amount G plus amount H   = I
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount F or amount I. income eligible for capital gains deduction   J
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024
income for any disposition after 2019, this is the maximum amount you can claim on line 25400  
of your 2024 return. However, you can choose to claim less.   K
 
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2019 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2019, plus
  • amount of all capital gains deductions that you have already claimed from 2019 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2019 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2019 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
   
 
T657 E (24)

Protected B when completed
 
Chart 2020 – Capital gains deduction
 
Part 1 – Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS in 2020, or are reporting an
amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2020.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2020   A
   
Enter the last amount that you calculated for "Total amount of capital gains included in 2024
income eligible for the capital gains deduction" from 2015 to 2019. If you did not complete charts		  
for 2015 to 2019, enter "0".   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2020 and included in  
your 2024 income: amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2020) (if negative, show in brackets)    F
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS in any year
other than 2020) (if negative, show in brackets)   +  G
Taxable capital gains from a reserve on QFFP
and/or QSBCS disposed of in 2020 included in
your 2024 income: amount F plus amount G		  
(if negative, enter "0")   =   x 1/2 =   H
 
Amount included in box 30 of a 2024 T3 slip and
the footnote area indicates the property was		  
disposed of in 2020     x 1/2 =   + I
 
Amount H plus amount I   = J
 
Enter whichever is less: amount E or amount J.   K
 
Enter amount B from above.   + L
   
Total amount of capital gains included in 2024    
Amount K plus amount L income eligible for capital gains deduction   = M
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount M above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2020, are
not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2020,
and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on  
line 25400 of your 2024 return. However, you can choose to claim less.   N
If you are reporting a reserve in 2024 from a disposition of QFFP in 2020 and amount E above is equal to or less than
the amounts on line 18 of Step 1, line 17 of Step 2, and amount M above, and you want to claim the additional deduction,
complete Part 2 of Chart 2020 on the next page.
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2020 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2020, plus
  • amount of all capital gains deductions that you have already claimed from 2020 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2020 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2020 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
 
T657 E (24)
Protected B when completed
Chart 2020 – Capital gains deduction
 
Part 2 – Qualified farm or fishing property (QFFP)
 
Complete this chart if you meet both of the following conditions:
• You disposed of QFFP in 2020 or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area
indicates that the QFFP was disposed of in 2020
• Amount E in Part 1 is equal to or less than all of the following amounts:
  – your annual gains limit for 2024 from line 18 in Step 1
  – your cumulative gains limit for 2024 from line 17 in Step 2
  – the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from
amount M in Part 1 of Chart 2020
 
Note: For 2020, there is an additional $58,308 to the capital gains deduction limit that can only be used after your
cumulative capital gains deduction of $441,692 has been used up. This additional amount does not apply to
dispositions of qualified small business corporation shares (QSBCS).
 
Maximum capital gains deduction for QFFP disposed of in 2020   A
   
Enter amount M from Part 1 of Chart 2020.   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP disposed of in 2020 included in your 2024 income:  
amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2020) (if negative, show in brackets)     x 1/2 =   F
 
Amount included in box 30 of a 2024 T3 slip and
the footnote area indicates the QFFP was disposed		  
of in 2020     x 1/2 =   + G
 
Amount F plus amount G   = H
 
Enter whichever is less: amount E or amount H.   I
 
Enter amount B from above.   + J
 
Amount I plus amount J   = K
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount E or amount K. income eligible for capital gains deduction   L
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount L above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024
income for any disposition after 2020, this is the maximum amount you can claim on line 25400 of  
your 2024 return. However, you can choose to claim less.   M
 
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2020 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2020, plus
  • amount of all capital gains deductions that you have already claimed from 2020 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2020 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2020 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
   
 
T657 E (24)

Protected B when completed
 
Chart 2021 – Capital gains deduction
 
Part 1 – Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Complete this chart if you disposed of QFFP or QSBCS in 2021, or are reporting an amount included in box 30 of a
2024 T3 slip and the footnote area indicates that the property was disposed of in 2021.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2021   A
   
Enter the last amount that you calculated for "Total amount of capital gains included in 2024
income eligible for the capital gains deduction" from 2015 to 2020. If you did not complete charts		  
for 2015 to 2020, enter "0".   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2021 and included in  
your 2024 income: amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2021) (if negative, show in brackets)    F
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS in any year
other than 2021) (if negative, show in brackets)   +  G
Taxable capital gains from a reserve on QFFP
and/or QSBCS disposed of in 2021 included in
your 2024 income: amount F plus amount G		  
(if negative, enter "0")   =   x 1/2 =   H
 
Amount included in box 30 of a 2024 T3 slip and
the footnote area indicates the property was		  
disposed of in 2021     x 1/2 =   + I
 
Amount H plus amount I   = J
 
Enter whichever is less: amount E or amount J.   K
 
Enter amount B from above.   + L
   
Total amount of capital gains included in 2024    
Amount K plus amount L income eligible for capital gains deduction   = M
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount M above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2021, are
not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2021,
and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on  
line 25400 of your 2024 return. However, you can choose to claim less.   N
If you are reporting a reserve in 2024 from a disposition of QFFP in 2021 and amount E above is equal to or less than
the amounts on line 18 of Step 1, line 17 of Step 2, and amount M above, and you want to claim the additional deduction,
complete Part 2 of Chart 2021 on the next page.
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2021 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2021, plus
  • amount of all capital gains deductions that you have already claimed from 2021 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2021 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2021 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
 
T657 E (24)
Protected B when completed
Chart 2021 – Capital gains deduction
 
Part 2 – Qualified farm or fishing property (QFFP)
 
Complete this chart if you meet both of the following conditions:
• You disposed of QFFP in 2021 or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area
indicates that the QFFP was disposed of in 2021
• Amount E in Part 1 is equal to or less than all of the following amounts:
  – your annual gains limit for 2024 from line 18 in Step 1
  – your cumulative gains limit for 2024 from line 17 in Step 2
  – the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from
amount M in Part 1 of Chart 2021
 
Note: For 2021, there is an additional $53,891 to the capital gains deduction limit that can only be used after your
cumulative capital gains deduction of $446,109 has been used up. This additional amount does not apply to
dispositions of qualified small business corporation shares (QSBCS).
 
Maximum capital gains deduction for QFFP disposed of in 2021   A
   
Enter amount M from Part 1 of Chart 2021.   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP disposed of in 2021 included in your 2024 income:  
amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2021) (if negative, show in brackets)     x 1/2 =   F
 
Amount included in box 30 of a 2024 T3 slip and
the footnote area indicates the QFFP was disposed		  
of in 2021     x 1/2 =   + G
 
Amount F plus amount G   = H
 
Enter whichever is less: amount E or amount H.   I
 
Enter amount B from above.   + J
 
Amount I plus amount J   = K
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount H or amount K. income eligible for capital gains deduction   L
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount L above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024
income for any disposition after 2021, this is the maximum amount you can claim on line 25400 of  
your 2024 return. However, you can choose to claim less.   M
 
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2021 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2021, plus
  • amount of all capital gains deductions that you have already claimed from 2021 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2021 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2021 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D above.
   
 
T657 E (24)

Protected B when completed
 
Chart 2022 – Capital gains deduction
 
Part 1 – Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Complete this chart if you disposed of QFFP or QSBCS in 2022, or are reporting an amount included in box 30 of a 2024 T3 slip
and the footnote area indicates that the property was disposed of in 2022.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2022   A
   
Enter the last amount that you calculated for "Total amount of capital gains included in 2024
income eligible for the capital gains deduction" from 2015 to 2021. If you did not complete charts		  
for 2015 to 2021, enter "0".   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2 (1)   – D
   
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2022 and included in  
your 2024 income: amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2022) (if negative, show in brackets)    F
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS in any year
other than 2022) (if negative, show in brackets)   +  G
Taxable capital gains from a reserve on QFFP
and/or QSBCS disposed of in 2022 included in
your 2024 income: amount F plus amount G		  
(if negative, enter "0")   =   x 1/2 =   H
 
Amount included in box 30 of a 2024 T3 slip and
the footnote area indicates the property was		  
disposed of in 2022     x 1/2 =   + I
 
Amount H plus amount I   = J
 
Enter whichever is less: amount E or amount J.   K
 
Enter amount B from above.   + L
   
Total amount of capital gains included in 2024    
Amount K plus amount L income eligible for capital gains deduction   = M
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount M above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2022, are
not bringing a reserve into your 2024 income for any dispositions of QFFP or QSBCS after 2022,
and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on  
line 25400 of your 2024 return. However, you can choose to claim less.   N
If you are reporting a reserve in 2024 from a disposition of QFFP in 2022 and amount E above is equal to or less than
the amounts on line 18 of Step 1, line 17 of Step 2, and amount M above, and you want to claim the additional deduction,
complete Part 2 of Chart 2022 on the next page.
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2022 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2022, plus
  • amount of all capital gains deductions that you have already claimed from 2022 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2022 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2022 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D above.
 
T657 E (24)
Protected B when completed
Chart 2022 – Capital gains deduction
 
Part 2 – Qualified farm or fishing property (QFFP)
 
Complete this chart only if you meet both of the following conditions:
• You disposed of QFFP in 2022 or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area
indicates that the QFFP was disposed of in 2022
• Amount E in Part 1 is equal to or less than all of the following amounts:
  – your annual gains limit for 2024 from line 18 in Step 1
  – your cumulative gains limit for 2024 from line 17 in Step 2
  – the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from
amount M in Part 1 of Chart 2022
 
Note: For 2022, there is an additional $43,185 to the capital gains deduction limit that can only be used after your
cumulative capital gains deduction of $456,815 has been used up. This additional amount does not apply to
dispositions of qualified small business corporation shares (QSBCS).
 
Maximum capital gains deduction for QFFP disposed of in 2022   A
   
Enter amount M from Part 1 of Chart 2022.   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 in Chart 2 (1)   – D
   
Capital gains deduction available for QFFP disposed of in 2022 and included in your 2024 income:  
Amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2022) (if negative, show in brackets)     x 1/2 =   F
 
Amount included in box 30 of a 2024 T3 slip and
the footnote area indicates the QFFP was disposed		  
of in 2022     x 1/2 =   + G
 
Amount F plus amount G   = H
 
Enter whichever is less: amount E or amount H.   I
 
Enter amount B from above.   + J
 
Amount I plus amount J   = K
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount H or amount K. income eligible for capital gains deduction   L
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount L above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024
income for any disposition after 2022, this is the maximum amount you can claim on line 25400 of  
your 2024 return. However, you can choose to claim less.   M
 
Enter claimed amount for line 25400:  
 
(1) If you claimed a capital gains deduction for other eligible capital gains from 2022 to 2023, complete the following
calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2022, plus
  • amount of all capital gains deductions that you have already claimed from 2022 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2022 to 2023,
minus 1/2 of the maximum LCGE increase allowed for the other gains from 2022 to the year that the other gains are
reported (if negative, use "0")
 
  Enter the result at amount D.
   
 
T657 E (24)

Protected B when completed
 
Chart 2023 – Capital gains deduction
 
Part 1 – Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Complete this chart if you disposed of QFFP or QSBCS in 2023, or are reporting an amount included in box 30 of a 2024 T3 slip
and the footnote area indicates that the property was disposed of in 2023.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2023   A
   
Enter the last amount that you calculated for "Total amount of capital gains included in 2024
income eligible for the capital gains deduction" from 2015 to 2022. If you did not complete charts		  
for 2015 to 2022, enter "0".   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 of Chart 2   – D
   
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2023 and included in  
your 2024 income: amount C minus amount D (if negative, enter "0")   = E
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2023) (if negative, show in brackets)    F
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS in any year
other than 2023) (if negative, show in brackets)   +  G
Taxable capital gains from a reserve on QFFP
and/or QSBCS disposed of in 2023 included in
your 2024 income: amount F plus amount G		  
(if negative, enter "0")   =   x 1/2 =   H
 
Amount included in box 30 of a 2024 T3 slip and
the footnote area indicates the property was		  
disposed of in 2023     x 1/2 =   + I
 
Amount H plus amount I   = J
 
Enter whichever is less: amount E or amount J.   K
 
Enter amount B from above.   + L
   
Total amount of capital gains included in 2024    
Amount K plus amount L income eligible for capital gains deduction   = M
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount M above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2023 and are not
disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of  
your 2024 return. However, you can choose to claim less.   N
If you disposed of QFFP in 2024 and amount E above is equal to or less than the amounts on line 18 of Step 1, line 17 of
Step 2, and amount M above, and you want to claim the additional deduction, complete Part 2 of Chart 2023 on the next
page.
Enter claimed amount for line 25400:  
 
T657 E (24)
Protected B when completed
Chart 2023 – Capital gains deduction
 
Part 2 – Qualified farm or fishing property (QFFP)
 
Complete this chart if you meet both of the following conditions:
• You disposed of QFFP in 2023 or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area
indicates that the QFFP was disposed of in 2023
• Amount E in Part 1 is equal to or less than all of the following amounts:
  – your annual gains limit for 2024 from line 18 in Step 1
  – your cumulative gains limit for 2024 from line 17 in Step 2
  – the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from
amount M in Part 1 of Chart 2023
 
Note: For 2023, there is an additional $14,405 to the capital gains deduction limit that can only be used after your
cumulative capital gains deduction of $485,595 has been used up. This additional amount does not apply to
dispositions of qualified small business corporation shares (QSBCS).
 
Maximum capital gains deduction for QFFP disposed of in 2023   A
   
Enter amount M from Part 1 of Chart 2023.   – B
   
Amount A minus amount B   = C
   
Capital gains deductions from previous years from line 19 in Chart 2   – D
   
Capital gains deduction available for QFFP disposed of in 2023 included in your 2024 income:  
Amount C minus amount D (if negative, enter "0")   = E
   
Taxable capital gains arising from dispositions of QFFP in 2023 included in your 2024 income:  
   
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP in any year
other than 2023) (if negative, show in brackets)     x 1/2 =   F
 
Amount included in box 30 of a 2024 T3 slip and
the footnote area indicates the QFFP was disposed		  
of in 2023     x 1/2 =   + G
 
Amount F plus amount G   = H
 
Enter whichever is less: amount E or amount H.   I
 
Enter amount B from above.   + J
 
Amount I plus amount J   = K
 
  Total amount of capital gains included in 2024  
Enter whichever is less: amount H or amount K. income eligible for capital gains deduction   L
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount L above.
If you are not disposing of QFFP or QSBCS in 2024 this is the maximum amount you can claim on  
line 25400 of your 2024 return. However, you can choose to claim less.   M
 
Enter claimed amount for line 25400:  
 
   
 
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Protected B when completed
 
Chart 2024 – Capital gains deduction
 
Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Period 1 – Capital gains from January 1 to June 24, 2024
 
Complete this chart if you disposed of QFFP or QSBCS in Period 1 of 2024.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2024 for Period 1   A
 
Enter the last amount that you calculated for "Total amount of capital gains included in
2024 income eligible for the capital gains deduction" from 2015 to 2023. If you did not complete		  
charts for 2015 to 2023, enter "0".   – B
 
Amount A minus amount B   = C
 
Capital gains deductions from previous years from line 19 of Chart 2   – D
 
Capital gains deduction available for dispositions of QFFP and/or QSBCS:  
amount C minus amount D (if negative, enter "0")   = E
 
Taxable capital gains arising from dispositions of QFFP and/or QSBCS for Period 1 included in your 2024 income:
 
Amount from line 10684 of Schedule 3 (do not
include capital gains reported in box 30 of a T3 slip		  
relating to dispositions of QSBCS before 2024.)    F
 
Amount from line 10686 of Schedule 3 (do not
include capital gains reported in box 30 of a T3 slip		  
relating to dispositions of QFFP before 2024)   +  G
 
Amount from line 10688 of Schedule 3   +  H
 
Amount from line 6 of Form T2017 (do not include
reserves from dispositions of QFFP before 2024		  
(if negative, show in brackets)   +  I
   
Amount from line 14 of Form T2017 (do not include
reserves from dispositions of QSBCS before 2024)		  
(if negative, show in brackets)   +  J
Add amounts F to J (if negative, enter "0").   =   x 1/2 =   K
 
Enter whichever is less: amount E or amount K.   L
 
Enter amount B from above.   + M
 
Total amount of capital gains included in 2024 income    
Amount L plus amount M eligible for capital gains deduction   = N
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2 or amount N above.
If you are not claiming a capital gains deduction for Period 2, this is the maximum amount you can  
claim on line 25400 of your 2024 return. However, you can choose to claim less.   O
Enter claimed amount for line 25400:  
 
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Chart 2024 – Capital gains deduction
 
Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)
 
Period 2 – Capital gains from June 25 to December 31, 2024
 
Complete this chart if you disposed of QFFP or QSBCS in Period 2 of 2024.
 
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2024 for Period 2   A
 
Enter the last amount that you calculated for "Total amount of capital gains included in
2024 income eligible for the capital gains deduction" from 2015 to 2024. If you did not complete		  
charts for 2015 to 2024, enter "0".   – B
 
Amount A minus amount B   = C
 
Capital gains deductions from previous years from line 19 of Chart 2   – D
 
Capital gains deduction available for dispositions of QFFP and/or QSBCS:  
Amount C minus amount D (if negative, enter "0")   = E
 
Taxable capital gains arising from dispositions of QFFP and/or QSBCS for Period 2 included in your 2024 income:
 
Amount from line 10700 of Schedule 3    F
   
Amount from line 11000 of Schedule 3   +  G
   
Amount from line 12400 of Schedule 3   +  H
   
Add amounts F to H (if negative, enter "0").   =  I
 
Amount from line 30 of Form T2017   –  J
 
Amount I minus amount J (if negative, enter "0")   = K
 
Amount from line 33 of Form T2017   –  L
 
Amount K minus amount L (if negative, enter "0")   =   x 1/2 =    M
 
Enter whichever is less: amount E or amount M.   N
 
Enter amount B from above.   + O
 
Total amount of capital gains included in 2024 income  
Amount N plus amount O eligible for capital gains deduction   = P
 
Enter whichever is less: line 18 of Step 1, line 17 of Step 2, or amount P above.
This is the maximum amount you can claim on line 25400 of your 2024 return. However, you can  
choose to claim less.   Q
 
Enter claimed amount for line 25400:  
 
   
 
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Chart 1 – Calculate your net capital losses of other years (line 12 of Step 2)
 
Use the instructions for each column to complete the table below.
Column A:
Enter the total amount of net capital losses of other years claimed for each year indicated from line 253 or 25300 of each return.
 
Column B:
For 1985, 1986, and 1987, enter 1/2 of the total reserves included in capital gains for capital property disposed of before 1985
(1/2 of those reserves reported on your Schedule 3 for 1985, 1986, and 1987).
For 1988 and 1989, enter 2/3 of thetotalreserves included in capital gains for capital property disposed of before 1985
(2/3 of the amounts entered on line 395 of Form T2017 for 1988 and 1989).
For 1990 and 1991, enter 3/4 of thetotalreserves included in capital gains for capital property disposed of before 1985
(3/4 of the amounts entered on line 395 of Form T2017 for 1990 and 1991).
 
Column C:
For 1992, enter whichever amount is less: line 127 of your 1992 return or line (f) in Part A of Form T936 for 1992.
For 1993, enter whichever amount is less: line 127 of your 1993 return or line (d) in Chart A of Form T936 for 1993.
For 1994, enter the amount from line (p) in Chart B of Form T936 for 1994.
For 1995, enter the amount from line (m) in Chart B of Form T936 for 1995.
For 1996 to 1999, enter thetotalamount from line 17 in Chart A of Form T936 for 1996 to 1999.
For 2000, enter the amount from line 24 in Chart A of Form T936 for 2000.
For 2001, enter the total amount from line 17 in Chart A of Form T936 for 2001.
For 2002 to 2017, enter the amount from line 10 in Chart A of Form T936 for 2002 to 2017.
For 2018 to 2023, enter the amount from line 9 in Chart A of Form T936 for 2018 to 2023.
 
Column D:
For 1992, enter the amount from line (k) in Part B of Form T936 for 1992.
For 1993, enter the amount from line (k) in Chart B of Form T936 for 1993.
 
Net capital losses of other years
Year Column A Column B Column C Column D Column E
(C – D)
(If negative,
enter "0")		 Column F
(B + E)		 Column G
(A – F)
(If negative,
enter "0")		  
1985 to
1987
N/A
N/A
N/A		  
1988 and
1989
N/A
N/A
N/A		  
1990 and
1991
N/A
N/A
N/A		  
1992 N/A        
1993 N/A        
1994 N/A   N/A    
1995 N/A   N/A    
1996 to
1999
N/A		  
N/A		    
2000 N/A   N/A    
2001 to
2023
N/A		  
N/A		    
 
   
Add the amounts in column G and enter the result on line 12 of Step 2. Total    
 
Note: Due to limited space, some years have been combined on a single row. However, you should complete a separate
calculation for each year that applies to you to ensure a correct result.
 
 
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Protected B when completed
 
Chart 2 – Calculate your capital gains deductions from previous years (2015 to 2023)
 
Total capital gains deductions claimed after 1984 and before 1988:
Amount from line 254 of your 1985 to 1987 returns   1
Capital gains deductions claimed in 1988 and 1989 (excluding eligible capital property):
Amount from line 254 of your 1988 and 1989 returns minus any amounts reported on lines 543
and 544 of Schedule 3 for 1988 and 1989 (if negative, enter "0")   + 2
 
Line 1 plus line 2   = 3
 
Adjustment of 1988 and 1989 capital gains deductions excluding eligible capital property:
  Amount from line 2     x 1/4 =   – 4
 
Line 3 minus line 4 (if negative, enter "0")   = 5
Capital gains deductions claimed in 1988 and 1989 for eligible capital property:
Total of lines 254 of your 1988 and 1989 returns minus the amount from line 2 above
(the total cannot be more than the total of lines 543 and 544 of Schedule 3 for 1988 and 1989)   + 6
 
Line 5 plus line 6   = 7
 
Adjustment of 1988 and 1989 capital gains deductions for eligible capital property:
  Amount from line 6     x 1/3 =   – 8
 
Line 7 minus line 8 (if negative, enter "0")   = 9
Total capital gains deductions claimed in 1990 to 1999:
Amount from line 254 of your returns for 1990 to 1999   + 10
Line 9 plus line 10   = 11
 
Adjustment of 1990 to 1999 capital gains deductions:
  Amount from line 10     x 1/3 =   – 12
Line 11 minus line 12 (if negative, enter "0")   = 13
 
Total capital gains deduction claimed in 2000:
Amount from line 254 of your 2000 return   + 14
Line 13 plus line 14   = 15
 
Adjustment of 2000 capital gains deduction:
  Amount from line 14     x [1 – 1/(2 x IR)] = (1) – 16
Line 15 minus line 16 (if negative, enter "0")   = 17
 
Total capital gains deduction claimed in 2001 to 2023:
Amount from line 254 of your 2001 to 2018 returns and line 25400 of your 2019 and later returns   + 18
 
Capital gains deductions from previous years:  
Line 17 plus line 18 (if negative, enter 0)   = 19
 
(1) Your "IR" is your inclusion rate for 2000 from line 16 in Part 4 of your Schedule 3 for 2000 or on your notice of
assessment or latest notice of reassessment for 2000.
See the privacy notice on your return.
 
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