Alternative Minimum Tax T691

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 in which you lived 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 2024 - 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, enter the result in brackets")      1
                     
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)      2
Net income from film property before CCA and carrying charges
(if negative, enter "0") (3)		   -  3
Line 2 minus line 3 (if negative, enter "0")  67820 =   +  4
 
Rental and leasing property (1)
CCA and carrying charges (2) claimed on rental and leasing property (included on line 12600 of your return)  5
Net income from rental and leasing property before CCA and carrying charges (if negative, enter "0") (3) -  6
Line 5 minus line 6 (if negative, enter "0")  67830 =   +  7
 
Tax shelters, limited partnerships, and non-active partners
Losses from partnerships that are tax shelters (4)  8
Amounts deductible for properties that are tax shelters (5) +  9
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) +  10
Add lines 8 to 10  67840 =   +  11
Add lines 1, 4, 7, and 11. =  12
 
Continue on the next page.   
   
(1) If you are a member of a partnership, include your share of the income and deductions for the partnership's fisical 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 Act. 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 Act, 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 on-active parner, or in a parnership 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.
 
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Part 1 - Adjusted taxable income and minimum amount (continued)
 
Amount from line 12 of the previous page  13
                     
Do not use this area   67900
 
Resource property and flow-through shares from line 6 of Part 9 +  14
 
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.		  15
Capital gains or losses arising from mortgage foreclosures and conditional sales repossessions from lines 10688, 10696, 12400, and 15500 of Schedule 3  16
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 +  17
Certain capital gains from graduated rate estates (for details, contact its legal representative)  67870 +  18
Add lines 16 to 18 =   -  19
Line 15 minus 19 (if negative, show in brackets) =  20
Amount from line 12700 of your return -  21
Line 20 minus line 21
(if negative, do not show in brackets.)		 =  22
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).		 +  23
Capital gains reduction from line 12701 of your return +  24
Capital gains on gifts of publicly listed securities (total of lines 68215, 68217, 68230, and 68250 of Column 7 of Form T1170) x = +  25
Add lines 13, 14, 23, 24, and 25. =  26
                               
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  27
Amount from lines 2 and 3, as applicable, of Form T1212, Statement of Deferred Security Options Benefits (7) +  28
Line 27 plus line 28 67910 =  29
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 = -  30
Line 29 minus line 30 =  31
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 = -  32
Line 31 minus line 32 (if negative, enter "0") = +  33
Line 26 plus line 33 =  34
Continue on the next page.   
   
(7) This amount includes amounts from lines 1, 2 and 3 of Column 8 of Form T1170 as well as gifts of property to a qualified donee not included on Form T1170 (for example, gifts of listed personal property or other capital property), but excludes amounts from lines 1, 2 and 3 of Column 7 of Form T1170 (gains on gifted property eligible for 0% inclusion rate) as these amounts are not included on line 21.
 
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Part 1 - Adjusted taxable income and minumum amount (continued)
                               
Amount from line 34 of the previous page  35
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)  36
Deduction included on line 24900 of your return for a security received as a prospector or grubstaker +  37
Deduction included on line 24900 of your return for certain dispositions of securities received from a deferred profit-sharing plan +  38
Add lines 36 to 38  67918 =  39
Additional securities options deduction under paragraph 110(1)(d.4)
(line 24901 of your return)		 +  40
Line 39 plus line 40 = +  41
 
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 amount of deductible adjusted losses (9) incurred prior to 2012 from all limited partnerships plus any incurred after 2011 from partnerships that are tax shelters  42
If you have filed an election (8), enter the amount of deductible adjusted losses (9) incurred from 2003 to 2023 from partnerships that are tax shelters plus any incurred before 2003 from other limited partnerships.  67920  43
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, as well as the part for resource expenditures and depletion allowances). +  44
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 = +  45
Add lines 35, 41, and 45 =  46
 
Limited partnership losses of other years (line 25100 of your return)  47
Amount from line 42 or 43, as applicable -  48
Line 47 minus line 48 =  49
The amount of non-capital losses of other years, including restricted farm losses or farm losses
(from line 25200 of your return)		  50
Amount from line 44 -  51
Line 50 minus line 51 = +  52
Union, professional, or like dues (line 21200 of your return) +  53
Child care expenses (line 21400 of your return) +  54
Add lines 49, 52, 53, and 54. =  55
 
   
(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.
 
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Part 1 - Adjusted taxable income and minumum amount (continued)
                               
Amount from line 55 of the previous page  56
Disability supports deduction from line 21500 of your return +  57
Moving expenses deduction from line 21900 of your return +  58
Deduction for CPP or QPP contributions on self-employment income and other earningsfrom line 22200 of your return +  59
Deduction for CPP or QPP enhanced contributions on employment incomefrom line 22215 of your return +  60
Deduction for PPIP premiums on self-employment income from line 22300 of your return (Quebec only) +  61
Clergy residence deduction from line 23100 of your return +  62
Canadian Armed Forces personnel and police deduction fromline 24400 of your return +  63
Northern residents deductions from line 25500 of your return +  64
Add lines 56 to 64. =  65
 
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)  66
Premiums on life insurance policies used as collateral for money borrowed to earn income from property (included on line 22100 of your return) +  67
Financing expenses on money borrowed to earn income from property (includedon line 22100 of your return +  68
Add lines 65 to line 68(11)  67924 =  69
 
Non-deductible office and employment expenses
Other employment expenses from line 22900 of your return  70
Employment expenses claimed and calculated as a commission employee (excluding amounts claimed as a salaried employee)  71
Legal and accounting expenses +  72
Repayment of salary and wages +  73
Excess Employee Profits Share Plan (EPSP) amounts +  74
Forfeited amounts under a salary deferral arrangement or an EPSPs +  75
Repayment of a wage loss replacement that was a top-up disability payment +  76
Add lines 71 to 75.  67926 =  77
Line 70 minus line 77 = +  78
Add lines 64, 69 and 78. =  79
Applicable Rate x  80
Line 79 multiply by the percentage from line 80 =  81
Enter the amount from line 45. +  82
Line 81 plus line 82 =  83
Continue on the next page.   
   
(11) Do not include interest and financing expenses already included on lines 67820, 67830 and 67840.
 
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Part 1 - Adjusted taxable income and minumum amount (continued)
 
Amount from line 83 of the previous page  84
Line 12000 of your return A
Line 12010 of your return - B x  13.0435% =  85
Amount A
minus
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 June 25, 2024 (12)		 x = +  88
Line 87 plus line 88 =  89
Period 2 (dispositions after June 24, 2024)
Lifetime capital gains exemption:
Line 25400 of your return minus line 88 above		 x = +  90
Line 89 plus line 90 =  91
Amount from line 25395 of your return ÷  (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.
                                     
Federal tax rate x  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 unless you have claimed a capital gains deduction on line 25400 of your return. In that case, replace IR with 50% for dispositions before June 25, 2024, and with 66.6667% for dispositions after June 24, 2024.
 
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Part 1 - Adjusted taxable income and minumum amount (continued)
 
Gross minimum amount from line 102 of the previous page  103
Total non-refundable tax credits from 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  1
           
Total non-refundable tax credits from line 35000 of your return  2
Dividend tax credit: amount from 40425 of your return +  3
Line 2 plus line3 =   -  4
Line 1 minus line 4 Tax payable before minumum 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 provincial or territorial tax to multiple jurisdictions, multiply the result 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

 
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Part 4 - Special foreign tax credit
                             
(i) Foreign business income (total business income earned in the foreign country minus allowable expenses and deductions relating to the foreign income)  1
Foreign non-buisiness income (on which non-business-income tax was paid to a foreign country (14)) +  2
Non-taxable part of foreign capital gains included in adjusted taxable income (cannot be more than line 22 plus line 23 of Part 1)  67940 +  3
Total foreign income: add lines 1 to 3 (if negative, enter "0") =  4
Applicable rate x  5
Foreign income limit for special foreign tax credit: line 4 multiplied by the percentage on line 5 (if negative, enter "0") =  6
 
(ii) Total non-business-income tax paid to a foreign country (14) x 66.6667% =  7
Total business-income tax paid to a foreign country (15) +  8
Foreign taxes paid for special foreign tax credit =  9
 
Enter whichever is less: amount from line 6 or line 9.  10
Enter whichever is more: amount from line 7 of Part 3 or line 10. Special foreign tax credit =  11
     
(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.
 
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Part 5 - Obligation to pay alternative minimum tax
 
Minimum amount from line 112 of Part 1  1
Special foreign tax credit from line 11 of Part 4 -  2
Line 1 minus line 2 (if negative, enter "0") Net minimum tax payable =  3
 
Regular net federal tax payable from line 15 of Part 3  4
Federal surtax from line 4 of Part 3 -  5
Line 4 minus line 5 (if negative, enter "0") =   -  6
Line 3 minus line 6 (if negative, enter "0") =  7
Amount from line 12 of Part 3  8
Amount from line 15 of Form T2038(IND) -  9
Line 8 minus line 9 (if negative, enter "0") =   -  10
Line 7 minus line 10 (if negative, enter "0") =  11
 
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  1
Amount from line 22 of Form T1206, Tax on Split Income -  2
Line 1 minus line 2 (if negative, enter "0") =  3
 
Minimum amount from line 112 of Part 1  4
                         
Enter whichever is more: amount from line 3 or line 4.  5
Amount from line 22 Form T1206, Tax on Split Income +  6
Line 5 plus line 6 (16) =  7
 
Net minimum tax payable from line 3 of Part 5  8
 
Federal surtax on business income earned outside Canada
Multiply the amount from line 8 by 48%  9
If you have to pay provincial or territorial tax to multiple jurisdictions, multiply the result by the percentage in Column 5 of line 52220 on Form T2203.  10
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". +  11
Line 8 plus line 11 =  12
 
Amount from line 24 of Form T1206, Tax on Split Income  13
 
Enter whichever is more: amount from line 12 or line 13.
Enter this amount on line 41700 of your return		  67930  14
   
(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 9 on line 11 in Part 2 of Form T2203 to calculate any refundable Quebec abatement.

 
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Part 7 - Additional taxes paid for minimum tax carryover
 
Minimum amount from line 112 of Part 1  1
                       
Basic federal tax from line 7 of Part 2  2
Recapture of investment tax credit from line 8 of Form T2038(IND) +  3
Line 2 plus line 3 =  4
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)  5
Amount from line 41600 of your return +  6
Line 5 plus line 6 =   -  7
Line 4 minus line 7 =  8
 
Special foreign tax credit from line 11 of Part 4  9
Federal foreign tax credit from line 7 of Part 3 -  10
Line 9 minus line 10 (if negative, enter "0") =  11
 
Line 11  X   Foreign taxes paid for special foreign tax credit (line 9 of Part 4) = +  12
Foreign taxes paid (non-business-income tax paid to a foreign country (17) plus business income tax paid to a foerign country (18)
Line 8 plus line 12 =   -  13
Line 1 minus 13
(if negative, enter "0") 		Additional taxes paid for minimum tax carryover =  14
     
(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 *
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.
 
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Part 8 - Applying a minimum tax carryover from previous years against 2024 tax payable
 
Minimum tax carryover from previous years (2017 to 2023)  1
                             
Tax payable before minimum tax carryover from line 5 of Part 2     2
Recapture of investment tax credit from line 8 of Form T2038(IND) +  3
Line 2 plus line 3 =  4
Federal tax on split income from line 8 of Form T1206  5
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) +  6
Amount from line 41600 of your return +  7
Add lines 5 to 7 =   -  8
Line 7 minus line 8 =  9
Minimum amount from line 112 of Part 1 -  10
Maximum carryover that can be applied in 2024:
Line 9 minus line 10 (if negative, enter "0")		 =  11
Claim an amount that is not more than line 1 or 11, whichever is less.
Enter it on line 40427 of your return		 Minimum tax carryover
applied in 2024		 -  12
Balance of minimum tax carryover available for later years, if any: Line 1 minus line 12 =  13
Additional 2024 taxes for carryover to later years from line 14 of Part 7 +  14
Line 13 plus line 14 =  15
Unapplied 2017 minimum tax carryover -  16
Total minimum tax carryover available for 2025: line 15 minus line 16 =  17

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)  1
Income (including royalties) from production of petroleum, gas and minerals, before carrying charges, resource expenditures, and depletion allowances included on line 1 (if negative, enter "0")  2
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") +  3
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 carrying charges, resource expenditures and depletion allowances included on line 1 (if negative, enter "0") +  4
Add lines 2, 3, and 4. =   -  5
Line 1 minus 5 (if negative, enter "0")
Enter this amount on line 14 of Part 1.		 Resource property and
flow-through share		  67860 =  6