| Protected B when completed | ||||||||||||||||||
| Step 3 – Calculating net income (continued) | ||||||||||||||||||
| Amounts paid or payable to beneficiaries | 471 | 26 | ||||||||||||||||
| Less: Amounts designated under subsections 104(13.1) and (13.2) | ||||||||||||||||||
| (attach a statement - see line 27 in the guide) | 472 | – | 27 | |||||||||||||||
| Total deductible income allocations (line 26 minus line 27) | 47 | = | ► | – | 28 | |||||||||||||
| ▲ | Income after allocations (line 25 minus line 28) | 48 | = | 29 | ||||||||||||||
| ▲ | Total gross-up amount of dividends retained or not designated by the trust (line 32 of Schedule 8) | 49 | + | 30 | ||||||||||||||
| Line 29 plus line 30. This is the trust's net income. | 50 | = | 31 | |||||||||||||||
| Step 4 – Calculating taxable income (see lines 32 to 43 in the guide) | ||||||||||||||||||
| Trust's net income (line 31 of Step 3) | 50 | = | 32 | |||||||||||||||
| Deductions to arrive at taxable income | ||||||||||||||||||
| Non-capital losses of other years (see line 33 in the guide) | 51 | 33 | ||||||||||||||||
| Net capital losses of other years (see line 34 in the guide) | 52 | + | 34 | |||||||||||||||
| Foreign income exempt from tax in Canada | 541 | 35 | ||||||||||||||||
| Non-profit organizations (subparagraph 149(5)(f)(i)) | 542 | + | 36 | |||||||||||||||
| Farming or fishing losses of other years | 543 | + | 37 | |||||||||||||||
| Restricted farm losses of other years | 544 | + | 38 | |||||||||||||||
| Limited partnership losses of other years | 545 | + | 39 | |||||||||||||||
| Other deductions | 549 | + | 40 | |||||||||||||||
| Total other deductions (add lines 35 to 40) | 54 | = | ► | + | 41 | |||||||||||||
| Add lines 33, 34, and 41 | 55 | = | ► | – | 42 | |||||||||||||
| ▲ | Line 32 minus line 42. This is the trust's taxable income. | 56 | = | 43 | ||||||||||||||
| If the amount is more than zero, enter the amount from line 43 on line 1 of Schedule 11. If the amount is zero or negative, enter "0" on line 43. If minimum tax applies, enter the positive or negative result from line 43 on line 22 of Schedule 12. |
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| Step 5 – Summary of tax and credits (see lines 44 to 73 in the guide) | ||||||||||||||||||
| Tax: | ||||||||||||||||||
| ▲ | Total federal tax payable (see line 44 in the guide) | 81 | •44 | |||||||||||||||
| ▲ | Provincial or territorial tax payable (from the applicable provincial or territorial form) | 82 | + | •45 | ||||||||||||||
| Part XII.2 tax payable (line 12 of Schedule 10) | 83 | + | •46 | |||||||||||||||
| Add lines 44 to 46. Total taxes payable | 84 | = | ► | •47 | ||||||||||||||
| Credits: | ||||||||||||||||||
| ▲ | Tax paid by instalments | 85 | •48 | |||||||||||||||
| ▲ | Total tax deducted (see lines C, D, and 49 in the guide) | C | ||||||||||||||||
| Transfer to Quebec | – | D | ||||||||||||||||
| Net tax deducted (line C minus line D) | 86 | = | ► | + | •49 | |||||||||||||
| Refundable Quebec abatement (line 34 of Schedule 11, or line 55 of Schedule 12) | 87 | + | •50 | |||||||||||||||
| Refundable investment tax credit [Form T2038(IND)] | 88 | + | •51 | |||||||||||||||
| Capital gains refund (Form T184) | 89 | + | •52 | |||||||||||||||
| Part XII.2 tax credit (box 38 of T3 slip) | 90 | + | •53 | |||||||||||||||
| Continue on next page | ||||||||||||||||||
| T3 RET E (23) | Page 4 of 5 | |||||||||||||||||