276 – Adjustment of deductions
On line 276, enter the amount of the adjustment you are required to make and, in box 277, enter the corresponding number from the list below. If you are making adjustments of more than one type, enter the total adjustment on line 276 and “28” in box 277.
|01||Repayment of social assistance payments or similar financial assistance|
|02||Repayment of net federal supplements or income replacement indemnities|
|03||Repayment of a scholarship, bursary or similar financial assistance|
|04||Repayment of support|
|06||Repayment of an amount included in your income for a previous year and deducted from your taxable income for that year|
|07||Recovery of deductions for patronage dividends received from a cooperative|
|08||Income averaging for forest producers|
|09||Adjustment of other investment expenses|
If you are including the amount from box H of your RL-5 slip on line 246, enter the amount from box I of your RL-5 slip on line 276.
If, for 2022, you are deducting a repayment of net federal supplements or income replacement indemnities on line 246, also enter the amount of the repayment on line 276.
If, in 2022, you repaid a scholarship, bursary or any similar financial assistance for which you claimed a deduction on line 295 in a previous year, and you are deducting the repayment on line 246, also enter the amount of the repayment on line 276.
If you are deducting a repayment of support on line 250 (point 12), and the portion of the amount applicable to years before 2022 is $300 or more, enter that portion on line 276. Also check box 404 of your return and complete form TP-766.2-V, Averaging of a Retroactive Payment, Support-Payment Arrears or a Repayment of Support. Enclose the form with your return. We will calculate a tax adjustment that may reduce your income tax for the year.
If you paid support-payment arrears that entitle you to a deduction on line 225, and the portion of the arrears applicable to years before 2022 is $300 or more, enter that portion on line 276. Also check box 404 of your return and complete form TP-766.2-V, Averaging of a Retroactive Payment, Support-Payment Arrears or a Repayment of Support. Enclose the form with your return. We will calculate a tax adjustment that may reduce your income tax for the year.
If, in 2022, you are deducting the repayment of an amount that was included in your income for a previous year (for example, a salary on line 207), and you deducted that amount in calculating your taxable income (line 293, 295 or 297) for that previous year, enter the amount of the repayment on line 276.
If, in 2022, you disposed of (sold, transferred, exchanged, gave, etc.) a preferred share in a cooperative and you are claiming (or previously claimed) a deduction for the share on line 297, enter the amount of the deduction on line 276.
If, under the Sustainable Forest Development Act, you are a certified forest producer (or a member of a partnership that is a certified forest producer) regarding a private forest and you requested, in a previous year, that part of your income from the sale of timber be averaged, you must, when calculating your taxable income for one or more of the seven or ten subsequent years, include at least 10% of the amount you deducted. To calculate the amount to include on line 276, complete form TP-726.30-V, Income Averaging for Forest Producers. Enclose the form with your return.
If either you or the partnership disposed of (sold, transferred, exchanged, gave, etc.) the private forest, or if you ceased to be a member of the partnership, you must include any amount you deducted from your income that was not included in a previous year.
For more information, contact us.
The amount that you deduct as investment expenses cannot exceed your investment income. If you are deducting either of the following, complete Schedule N to calculate the amount to enter on line 276 of your return:
- a limited partnership loss (included on line 289 of your return);
- net capital losses from other years. Enter on line 52 of Schedule N the amount from line 290 of your return. If you are deducting a net capital loss from capital gains qualifying for the capital gains deduction, contact us.
Carry-over of the adjustment of other investment expenses
If you are entering an amount on line 260 or line 276 to adjust your investment expenses, you can use all or part of that amount to reduce your net investment income for the previous three years or for future years. To calculate your net investment income for a year, use Schedule N. Complete lines 20 through 36 to determine your investment income, and then subtract your investment expenses (lines 10 through 16, 50 and 52) from the amount on line 36. If you want to reduce your net investment income for previous years, complete form TP-1012.B-V, Carry-Back of a Deduction or Tax Credit, and file it separately from your return.
If you entered “0” on line 275 because you obtained a negative result, contact us to find out what rules apply.