| Protected B when completed | |||||||||||||||||||
| Part 1 – Adjusted taxable income and minimum amount (continued) | |||||||||||||||||||
| Amount from line 83 of the previous page | 84 | ||||||||||||||||||
| Line 12000 of your |
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| return | A | ||||||||||||||||||
| Line 12010 of your |
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| return | – | B | x 13.0435% = | 85 | |||||||||||||||
| Amount A minus |
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| Amount B | = | C | x 27.5362% = | + | 86 | ||||||||||||||
| Line 85 plus line 86 | = | ► | 87 | ||||||||||||||||
| 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 |
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| June 25, 2024 (12) | x 40% = | + | 88 | ||||||||||||||||
| Line 87 plus line 88 | = | 89 | |||||||||||||||||
| Period 2 (dispositions after June 24, 2024) | |||||||||||||||||||
| Lifetime capital gains exemption: Line 25400 of your return minus |
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| line 88 above | x 5% = | + | 90 | ||||||||||||||||
| Line 89 plus line 90 | = | 91 | |||||||||||||||||
| Amount from line 25395 of |
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| your return | x 1/IR (13) = | 92 | |||||||||||||||||
| Amount from line 25395 of your return | – | 93 | |||||||||||||||||
| Capital gains deduction on qualifying business | |||||||||||||||||||
| transfer or line 92 minus line 93 | = | ► | + | 94 | |||||||||||||||
| Line 91 plus line 94 | = | ► | – | 95 | |||||||||||||||
| Line 84 minus line 95 (if negative, enter "0") | = | 96 | |||||||||||||||||
| Capital gains reduction add-back (line 25999 of your return) | – | 97 | |||||||||||||||||
| Line 96 minus line 97 (if negative, enter "0") | Adjusted taxable income | = | 98 | ||||||||||||||||
| Basic exemption | – | 99 | |||||||||||||||||
| 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. |
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| 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. |
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| (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. |
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| Part 2 – Basic federal tax | |||||||||||||||||||
| Enter the amount from line 40400 of your return | 1 | ||||||||||||||||||
| Total non-refundable tax credits (line 35000 of your return) | 2 | ||||||||||||||||||
| Dividend tax credit (line 40425 of your return) | + | 3 | |||||||||||||||||
| Line 2 plus line 3 | = | ► | – | 4 | |||||||||||||||
| Line 1 minus line 4 | Tax payable before minimum tax carryover | = | 5 | ||||||||||||||||
| Minimum tax carryover applied in 2024 from line 12 of Part 8 | – | 6 | |||||||||||||||||
| Line 5 minus line 6 | Basic federal tax | = | 7 | ||||||||||||||||
| Part 3 – Regular net federal tax payable | |||||||||||||||||||
| Amount from line 7 of Part 2 | 1 | ||||||||||||||||||
| Federal surtax on business income earned outside Canada | |||||||||||||||||||
| Multiply the amount from line 1 by 48%. | 2 | ||||||||||||||||||
| 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. | 3 | ||||||||||||||||||
| 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". | + | 4 | |||||||||||||||||
| Recapture of investment tax credit (from line 8 of Form T2038(IND)) | + | 5 | |||||||||||||||||
| Add lines 1, 4, and 5. | = | 6 | |||||||||||||||||
| Federal foreign tax credit from Form T2209 | 7 | ||||||||||||||||||
| Federal logging tax credit | + | 8 | |||||||||||||||||
| Line 7 plus line 8 | = | ► | – | 9 | |||||||||||||||
| Line 6 minus line 9 (if negative, enter "0") | Federal tax payable | = | 10 | ||||||||||||||||
| Federal political contribution tax credit from line 41000 of your return | 11 | ||||||||||||||||||
| Investment tax credit amount up to, but not more than the amount I of | |||||||||||||||||||
| Form T2038(IND) | + | 12 | |||||||||||||||||
| Labour-sponsored funds tax credit from line 41400 of your return | + | 13 | |||||||||||||||||
| Add lines 11 to 13. | = | ► | – | 14 | |||||||||||||||
| Line 10 minus line 14 (if negative, enter "0") | Regular net federal tax payable | = | 15 | ||||||||||||||||
| T691 E (24) | Page 6 of 10 | ||||||||||||||||||