home
***
CD-ROM
|
disk
|
FTP
|
other
***
search
/
Creative Computers
/
Creative Computers CD-ROM, Volume 1 (Legendary Design Technologies, Inc.)(1994).iso
/
commercial
/
legendary_design
/
datatax
/
datatax_demo
/
forms
/
mintax1.form
< prev
next >
Wrap
Text File
|
1994-11-17
|
5KB
|
85 lines
`\bRevenue Canada CALCULATION OF MINIMUM TAX T691(E)
`\bTaxation Rev.90
`
`* For use by individual to calculate his or her obligation to pay minimum
` Tax under Division E.1 of the Income Tax Act for taxation year 1990
` Trusts which may have an obligation to pay minimum tax should complete
` Schedule 2B of the T3 return.
`
`* Minimum Tax is not applicable to returns filed under subsections 70(2) or
` 150(4) or paragraphs 104(23)(d), 128(2)(e) or a taxation year in respect
` of which a farmer or fisherman has made an election under section 119.
`
`* Minimum Tax is not applicable to a taxpayer who died in 1990.
`
`* If you are a member of a partnership which has invested in multiple unit
` residential property, or films, you must include your share of the income
` and your share of the related capital cost allowance deducted in respect of
` the property for the partnership fiscal periof ending in 1990 at areas
` B and C below of Part I.
`
`* Any amount for which an election under ITAR 40 is made must be added at
` line 23 below.
`
`* Attach one completed copy to your 1990 Income Tax Return.
`
` Name: \~ A07_\; S.I.N #: \~ A00_\;
`
' Address: \~ A09_\;
' \~ A11_\; \~ A13_\; \~ A14_\;
`
`EXPLANATORY NOTES
`
` Line 2 - The amounts to be deducted at this line are those lump sum
` payments which are included in computing income which are
` received
`
` (i) upon the death, withdrawal from the fund or plan, or
` termination of employment of a person
` (ii) upon the winding-up of the fund or plan in full
` satisfaction of the rights of the payee under the fund or
` plan
` (iii) to which the individual is entitled by virtue of an
` amendment to the fund or plan
`
` Line 15 - For minimum tax purposes, the non-taxable portion of capital
` gains (except the non-taxable portion of capital gains arising
` from mortgage foreclosures and conditional sales repossessions)
` arising from dispositions of capital properties after 1985 is
` included in the calculation of adjusted taxable income at line
` 15. Include an amount equal to one-third the total capital
` gains reported on line 539 on schedule 3 of the T1 return
` arising from 1989 capital disposition and/or reserves relating
` to dispositions of capital property after 1985.
`
<\` Line 20 - A claim for "Non-capital losses of other years" (line 252 on
<\` page 2 of the T1 return) must be reduced for minimum tax
<\` purposes by the portion, if any, of post-1985 non-capital
<\` losses attributable to capital cost allowance claimed on
<\` multiple unit residential properties (including furniture,
<\` fixtures and equipment), films certified by Canadian Film and
<\` videotape Certification Office, and/or resource expenditures,
<\` resource and deletion allowances included in the loss claimed.
<\`
<\` Line 25 - For minimum tax purposes, the non-taxable portion of capital
<\` gains arising from dispositions of capital property after 1985
<\` is included in the calculation of adjusted taxable income at
<\` line 15. You may deduct the non-deductable portion of capital
<\` losses (except the non-taxable portion of capital gains arising
<\` from mortgage foreclosures and conditional sales repossessions)
<\` arising from dispositions of capital property after 1985
<\` against the otherwise non-taxable portion of capital gains at
<\` line 25. Include an amount equal to one-half the post-1985
<\` capital losses claimed at line 253 of the return.
<\`
<\` Line 28 - If, for the 1990 taxation year, you incurred a loss from
<\` office, employment, business or property which is not fully
<\` applied in computing income for regular tax purposes, the
<\` unpaid portion of the loss may be used to reduce taxable
<\` income for minimum tax purposes at line 28. This application
<\` does not reduce the amount of 1990 non-capital loss available
<\` for carry-back or carry-forward to other taxation years.
<\`
<\` Line 30 - Net additions to taxable income at line 30 can be a negative
<\` amount.