Non-portfolio earnings of a specified investment flow-through trust (SIFT trust) are the total of the following amounts:

• the amount by which its income exceeds its losses from either a business it carries on in Canada or non-portfolio property (except for taxable dividends);
• the amount by which the total amount of its taxable capital gains and half of its dividends on capital gains from non-portfolio property exceeds its allowable capital losses from the disposition of non-portfolio property.