T691 - fill out and auto calculate/complete form online

Canada Revenue
Agency

Agence du revenu
du Canada

Alternative Minimum Tax

Protected B when completed

Use this form to calculate your federal tax payable under alternative minimum tax (AMT) for 2024. If you are completing a return
for a trust, use T3 Schedule 12, Minimum Tax.

Complete parts 1, 2, and 8 if you do not have to pay minimum tax in 2024 and you are applying a minimum tax carryover from
previous years against your tax payable for 2024.

Alternative minimum tax does not apply to a person who died in 2024 or to returns filed under subsections 70(2) or 150(4),
or under paragraphs 104(23)(d) or 128(2)(e) of the Income Tax Act (ITA).

If you had business income in 2024 from a province or territory other than the one you lived in at the end of the year, or from
another country, you may also have to complete and attach a copy of Form T2203, Provincial and Territorial Taxes for Multiple
Jurisdictions.

Attach a completed copy of this form to your return.

Part 1 – Adjusted taxable income and minimum amount

Taxable income from line 26000 of your return (or the amount you would have entered on line 26000

if the instructions for lines 23600 and 26000 said "if negative, show in brackets")

Film property ⁽¹⁾

Capital cost allowance (CCA) and carrying charges ⁽²⁾ claimed on certified
film property acquired before March 1996 (usually included on lines 22100

and 23200 of your return)

Net income from film property before CCA and carrying charges

(if negative, enter "0") ⁽³⁾

–

Line 2 minus line 3 (if negative, enter "0")

67820

►

Rental and leasing property ⁽¹⁾

CCA and carrying charges ⁽²⁾ claimed on rental and leasing property

(included on line 12600 of your return)

Net income from rental and leasing property before CCA and carrying

charges (if negative, enter "0") ⁽³⁾

–

Line 5 minus line 6 (if negative, enter "0")

67830

►

Tax shelters, limited partnerships, and non-active partners

Losses from partnerships that are tax shelters ⁽⁴⁾

Amounts deductible for properties that are tax shelters ⁽⁵⁾

Carrying charges ⁽²⁾ for acquiring an interest in a partnership of which you
are a limited or non-active partner, or which owns a rental or leasing

property or a film property (included on line 22100 of your return) ⁽⁶⁾

Add lines 8 to 10.

67840

►

Add lines 1, 4, 7, and 11.

(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 2024.
Do not include any amounts that you have to include on lines 8 to 10 of this form.

(2)

To determine which carrying charges should be adjusted when calculating alternative minimum tax, see paragraphs 20(1)(c) to (f) of the ITA.

(3)

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".

(4)

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 ITA.
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 12200 of your return, except rental
(line 12600) and farming losses (line 14100).

(5)

Include all amounts deducted for property for which an identification number is required to be, or has been, obtained under section 237.1 of the ITA, such as
carrying charges for the acquisition of the property, other than amounts to which paragraphs 127.52(1)(b) to (c.2) apply. 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.

(6)

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.

T691 E (24)

(Ce formulaire est disponible en français.)

Page 1 of 10

Protected B when completed

Part 1 – Adjusted taxable income and minimum amount (continued)

Amount from line 12 of the previous page

Do not use this area.

67900

Resource property and flow-through shares from line 6 of Part 9

Non-taxable part of capital gains reported in the year

Total of lines 19700 and 19699 from Schedule 3 (if negative, enter "0" on

line 23). Do not include a reserve from any year before 1986.

Capital gains or losses arising from mortgage
foreclosures and conditional sales repossessions
from lines 10688, 10696, 12400, and 15500 of

Schedule 3

Part of total capital gains included on line 15 that
is exempt from Canadian tax under a tax treaty

(included on line 25600 of your return)

67880

Certain capital gains from graduated rate estates

(for details, contact its legal representative)

67870

Add lines 16 to 18.

►

–

Line 15 minus line 19 (if negative, show in brackets)

Amount from line 12700 of your return

–

Line 20 minus line 21

(if negative, do not show in brackets.)

If line 20 is positive, enter the amount from line 22.

If line 20 is negative, enter whichever is less: the amount from line 21 or line 22 (show in brackets).

Capital gains reduction from line 12701 of your return

Capital gains on gifts of publicly listed securities (total of lines

68215, 68217, 68230, and 68250 of Column 7 of Form T1170)

x 30% =

Add lines 13, 14, 23, 24, and 25.

Security options deduction under paragraph 110(1)(d) included on
line 24900 of your return:

Total of all amounts in boxes 39 and 91 of your T4 slips

Amount from lines 2 and 3, as applicable, of Form T1212, Statement

of Deferred Security Options Benefits ⁽⁷⁾

Line 27 plus line 28

67910

Period 1 (dispositions before June 25, 2024)

Gifts of publicly listed securities acquired
under a security option plan included on

line 24900 of your return

67911

x 40% =

–

Line 29 minus line 30

Period 2 (dispositions after June 24, 2024)

Gifts of publicly listed securities acquired
under a security option plan included on

line 24900 of your return

67914

x 5% =

–

Line 31 minus line 32 (if negative, enter "0")

►

Line 26 plus line 33

(7)

If you disposed of securities before June 25, 2024, include 50% of the amount from line 2 of Form T1212.
If you disposed of securities after June 24, 2024, include 33.3333% of the amount from line 3 of Form T1212.

T691 E (24)

Page 2 of 10

Protected B when completed

Part 1 – Adjusted taxable income and minimum amount (continued)

Amount from line 34 of the previous page

Security options deduction under paragraph 110(1)(d.1) included on
line 24900 of your return: total of all amounts in boxes 41 and 92 of

your T4 slips

Deduction included on line 24900 of your return for a security received as

a prospector or grubstaker

Deduction included on line 24900 of your return for certain dispositions of

securities received from a deferred profit-sharing plan

Add lines 36 to 38.

67918

Additional securities options deduction under paragraph 110(1)(d.4)

(line 24901 of your return)

Line 39 plus line 40

►

If you claimed limited partnership losses incurred in another year on line 25100
of your 2024 return, complete line 42 or 43 depending on your situation :

If you have not filed an election ⁽⁸⁾, enter the difference between those
losses and the amount of losses deductible ⁽⁹⁾ for AMT purposes that
are incurred prior to 2012 from all limited partnerships plus any incurred

after 2011 from partnerships thatare tax shelters.

If you have filed an election ⁽⁸⁾, enter the difference between those
losses and the amount of losses deductible ⁽⁹⁾ for AMT purposes that
are incurred from 2003 to 2023 from partnerships that are tax shelters

plus any incurred before 2003 from other limited partnerships.

67920

If you claimed non-capital losses, including restricted farm losses or farm
losses, incurred in another year on line 25200 of your 2024 return ⁽⁹⁾,
indicate the difference between those losses and the losses that are
deductible for AMT purposes (adjusted to restrict CCA or carrying charges
claimed on multiple-unit residential buildings, rental and leasing property,

certified feature films or certified productions.

If you claimed net capital losses, incurred in another year on line 25300 of
your 2024 return, indicate the difference between those losses and the

losses that are deductible for AMT purposes. ⁽¹⁰⁾

67922

44b

Line 42 or 43, as applicable, plus line 44 and 44b

►

Add lines 35, 41, and 45.

Limited partnership losses of other years (line 25100 of your return)

Amount from line 42 or 43, as applicable

–

Line 47 minus line 48

►

The amount of non-capital losses of other years, including restricted farm

losses or farm losses (from line 25200 of your 2024 return)

Amount from line 44

–

Line 50 minus line 51

►

Union, professional, or like dues (line 21200 of your return)

Child care expenses (line 21400 of your return)

Add lines 49, 52, 53, and 54.

(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.

(9)

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 the Canada Revenue Agency (CRA).

(10)

Calculate the net capital losses for other years, using the rules in effect for the year. If you need help, contact the CRA.

T691 E (24)

Page 3 of 10

Protected B when completed

Part 1 – Adjusted taxable income and minimum amount (continued)

Amount from line 55 of the previous page

Disability supports deduction from line 21500 of your return

Moving expenses deduction from line 21900 of your return

Deduction for CPP or QPP contributions on self-employment income

and other earnings from line 22200 of your return

Deduction for CPP or QPP enhanced contributions on employment

income from line 22215 of your return

Deduction for PPIP premiums on self-employment income from line 22300

of your return (Quebec only)

Clergy residence deduction from line 23100 of your return

Canadian Armed Forces personnel and police deduction from line 24400

of your return

Northern residents deductions from line 25500 of your return

Add lines 56 to 64.

►

Non-deductible property expenses

Interest expenses on money borrowed to earn income or to purchase an

annuity contract (included on line 22100 of your return)

Premiums on life insurance policies used as collateral for money borrowed

to earn income from property (included on line 22100 of your return)

Financing expenses on money borrowed to earn income from property

(included on line 22100 of your return)

Add lines 66 to 68 ⁽¹¹⁾

67924

►

Non-deductible office and employment expenses

Other employment expenses from line 22900 of your return

Employment expenses claimed and calculated as
a commission employee (excluding amounts

claimed as a salaried employee)

Legal and accounting expenses

Repayment of salary and wages

Excess Employee Profits Share Plan

(EPSP) amounts

Forfeited amounts under a salary deferral

arrangement or an EPSP

Repayment of a wage loss replacement that was

a top-up disability payment

Add lines 71 to 76.

67926

►

–

Line 70 minus line 77

►

Add lines 65, 69 and 78.

Applicable Rate

x 50%

Line 79 multiply by the percentage from line 80

Enter the amount from line 46.

Line 81 plus line 82

(11)

Do not include interest and financing expenses already included on lines 67820, 67830 and 67840.

T691 E (24)

Page 4 of 10

Protected B when completed

Part 1 – Adjusted taxable income and minimum amount (continued)

Amount from line 83 of the previous page

Line 12000
of your

return

Line 12010
of your

return

–

x 13.0435% =

Amount A
minus

Amount B

x 27.5362% =

Line 85 plus line 86

►

Period 1 (dispositions before June 25, 2024)

Lifetime capital gains exemption:
Enter whichever is less: amount from
line 25400 of your return or your capital
gains eligible for exemption before

June 25, 2024 ⁽¹²⁾

x 40% =

Line 87 plus line 88

Period 2 (dispositions after June 24, 2024)

Lifetime capital gains exemption:
Line 25400 of your return minus

line 88 above

x 5% =

Line 89 plus line 90

Amount from
line 25395 of

your return

x 1/IR ⁽¹³⁾ =

Amount from line 25395 of your return

–

Capital gains deduction on qualifying business

transfer or line 92 minus line 93

►

Line 91 plus line 94

►

–

Line 84 minus line 95 (if negative, enter "0")

Capital gains reduction add-back (line 25999 of your return)

–

Line 96 minus line 97 (if negative, enter "0")

Adjusted taxable income

Basic exemption

–

Line 98 minus line 99 (if negative, enter "0")

Net adjusted taxable income

100

If line 100 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 parts 2 and 8 and attach a copy of this form to your return. Also, complete your return as usual.

Federal tax rate

x 20.5%

101

Gross minimum amount: line 100 multiplied by the percentage on line 101.

102

(12)

Total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction at the end of period 1 (excluding any amounts for
period 2) from Form T657, Calculation of Capital Gains Deduction.

(13)

Replace IR with the inclusion rate calculated on line 41 of Schedule 3.

T691 E (24)

Page 5 of 10

Protected B when completed

Part 1 – Adjusted taxable income and minimum amount (continued)

Gross minimum amount from line 102 of the previous page

103

Total non-refundable tax credits (line 35000 of your return)

104

Donations and gifts from line 34900 of your return

–

105

Line 104 minus line 105

106

Amount from line 106

x 50% =

107

Amount from line 105

x 80% =

108

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)

109

Section 119 former resident credit

110

Add lines 107 to 110.

►

–

111

Line 103 minus line 111 (if negative, enter "0")

Minimum amount

112

If line 112 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 parts 2 and 8 and attach a copy of this form to your return. Also, complete your return as usual.

Part 2 – Basic federal tax

Enter the amount from line 40400 of your return

Total non-refundable tax credits (line 35000 of your return)

Dividend tax credit (line 40425 of your return)

Line 2 plus line 3

►

–

Line 1 minus line 4

Tax payable before minimum tax carryover

Minimum tax carryover applied in 2024 from line 12 of Part 8

–

Line 5 minus line 6

Basic federal tax

Part 3 – Regular net federal tax payable

Amount from line 7 of Part 2

Federal surtax on business income earned outside Canada

Multiply the amount from line 1 by 48%.

If you have to pay tax to multiple jurisdictions, multiply the amount from

line 2 by the percentage in Column 5 of line 52220 on Form T2203.

If you have an amount on line 3, enter that amount. If not, and you are a non-resident or deemed

resident, enter the amount from line 2. Otherwise, enter "0".

Recapture of investment tax credit (from line 8 of Form T2038(IND))

Add lines 1, 4, and 5.

Federal foreign tax credit from Form T2209

Federal logging tax credit

Line 7 plus line 8

►

–

Line 6 minus line 9 (if negative, enter "0")

Federal tax payable

Federal political contribution tax credit from line 41000 of your return

Investment tax credit amount up to, but not more than the amount I of

Form T2038(IND)

Labour-sponsored funds tax credit from line 41400 of your return

Add lines 11 to 13.

►

–

Line 10 minus line 14 (if negative, enter "0")

Regular net federal tax payable

T691 E (24)

Page 6 of 10

Protected B when completed

Part 4 – Special foreign tax credit*

(i)

Foreign business income (total business income earned in the foreign
country, minus allowable expenses and deductions for the foreign

income)

Foreign non-business income

(on which non-business income tax was paid to a foreign country ⁽¹⁴⁾)

Non-taxable part of foreign capital gains included in adjusted taxable

income (cannot be more than line 23 plus line 24 of Part 1)

67940

Total foreign income: add lines 1 to 3 (if negative, enter "0")

Applicable rate

x 20.5%

Foreign income limit for special foreign tax credit: line 4 multiplied

by the percentage on line 5 (if negative, enter "0").

(ii)

Total non-business income tax

paid to a foreign country ⁽¹⁴⁾

x 66.6667% =

Total business income tax paid to a foreign country ⁽¹⁵⁾

Foreign taxes paid for special foreign tax credit:

line 7 plus line 8 (if negative, enter "0")

Enter whichever is less: amount from line 6 or line 9.

Enter whichever is more: amount from line 7 of Part 3 or line 10.

Special foreign tax credit

(14)

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

(15)

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 7 of 10

Protected B when completed

Part 5 – Obligation to pay alternative minimum tax

Minimum amount from line 112 of Part 1

Special foreign tax credit from line 11 of Part 4

–

Line 1 minus line 2 (if negative, enter "0")

Net minimum tax payable

Regular net federal tax payable from line 15 of Part 3

Federal surtax from line 4 of Part 3

–

Line 4 minus line 5 (if negative, enter "0")

►

–

Line 3 minus line 6 (if negative, enter "0")

Amount from line 12 of Part 3

Amount from line 15 of Form T2038(IND)

–

Line 8 minus line 9 (if negative, enter "0")

►

–

Line 7 minus line 10 (if negative, enter "0")

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

Amount from line 22 of Form T1206, Tax on Split Income

–

Line 1 minus line 2 (if negative, enter "0")

Minimum amount from line 112 of Part 1

Enter whichever is more: amount from line 3 or line 4.

Amount from line 22 of Form T1206

Line 5 plus line 6 ⁽¹⁶⁾

Net minimum tax payable from line 3 of Part 5

Federal surtax on business income earned outside Canada

Multiply the amount from line 7 by 48%.

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.

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".

Line 8 plus line 11

Amount from line 24 of Form T1206

Enter whichever is more: amount from line 12 or line 13.

Enter this amount on line 41700 of your return.

67930

(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

Basic federal tax from line 7 of Part 2

Recapture of investment tax credit from line 8 of Form T2038(IND)

Line 2 plus line 3

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)

Amount from line 41600 of your return

Line 5 plus line 6

►

–

Line 4 minus line 7

Special foreign tax credit from line 11 of Part 4

Federal foreign tax credit from line 7 of Part 3

–

Line 9 minus line 10 (if negative, enter "0")

Foreign taxes* paid for special

foreign tax credit (line 9 of Part 4)

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

►

–

Additional taxes paid for

Line 1 minus line 13 (if negative, enter "0")

minimum tax carryover

(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*

* 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)

Tax payable before minimum tax carryover from line 5 of Part 2

Recapture of investment tax credit from line 8 of Form T2038(IND)

Line 2 plus line 3

Federal tax on split income from line 8 of

Form T1206

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)

Amount from line 41600 of your return

Add lines 5 to 7

►

–

Line 4 minus line 8

Minimum amount from line 112 of Part 1

–

Maximum carryover that can be applied in 2024:

line 9 minus line 10 (if negative, enter "0")

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

–

Balance of minimum tax carryover available for later years, if any: line 1 minus line 12

Additional 2024 taxes for carryover to later years from line 14 of Part 7

Line 13 plus line 14

Unapplied 2017 minimum tax carryover

–

Total minimum tax carryover available for 2025: line 15 minus line 16

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)

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")

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")

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")

Add lines 2 to 4.

►

–

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

See the privacy notice on your return.

T691 E (24)

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