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432 – Alternative minimum tax carry-over, alternative minimum tax and deduction for logging tax

Alternative minimum tax carry-over (line 13 of Schedule E)

As a rule, if you do not have any alternative minimum tax payable for 2023, you may be entitled to deduct all or part of the alternative minimum tax paid for a year before 2023. To determine the amount you can deduct on line 13 of Schedule E, complete form TP-776.42-V, Alternative Minimum Tax.

Alternative minimum tax (line 15 of Schedule E)

Alternative minimum tax limits the advantages you can receive in a year from certain tax incentives. You may be required to pay this tax if, for example, any of the following situations apply to you:

  • You are reporting a taxable capital gain on line 139.
  • You are deducting a loss with respect to a tax shelter on line 164.
  • You are claiming a deduction for interest and carrying charges incurred to acquire:
    • flow-through shares; 
    • an interest in a partnership as a specified member or as a limited partner;
    • a tax shelter; 
    • rental or leasing property; 
    • an investment in a film production; or
    • investments in resources. 
  • You are claiming a deduction on line 241, a deduction for Québec exploration expenses that give entitlement to an additional deduction (line 250, point 9) or a deduction for certain films (line 250, point 17).
  • You are claiming a deduction on line 287 other than the additional deduction for Québec resources or the result of the following calculation: the deduction for the Cooperative Investment Plan (CIP) minus the cost of the securities for which you are claiming the deduction.

If any of these situations apply to you, complete Work Chart 432 to determine whether you must complete form TP-776.42-V, Alternative Minimum Tax.

Deduction for logging tax (line 17 of Schedule E)

If you carried out logging operations in Québec in 2023, you can deduct one third of the logging tax you paid to the Minister of Revenue of Québec when you filed the Logging Operations Return (form TPZ-1179-V).

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