Protected B when completed | |||||||||||||||
Part 3q – Calculating your capital gains deduction on qualified farm or | |||||||||||||||
fishing property and qualified small business corporation shares | |||||||||||||||
Complete this part if you disposed of qualified farm or fishing property (QFFP) or qualified small business corporation shares (QSBCS) in 2022. |
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Maximum capital gains deduction for QFFP and/or QSBCS disposed of | |||||||||||||||
in 2022 | 163 | ||||||||||||||
Capital gains deductions from previous years | |||||||||||||||
(line k of Chart 2 on the last page) | – | 164 | |||||||||||||
Capital gains deduction available for dispositions of QFFP and/or QSBCS | |||||||||||||||
(line 148 minus line 149; if negative, enter "0") (see note 41 below) | = | ► | 165 | ||||||||||||
Taxable capital gains arising from dispositions in 2022 of QFFP and/or QSBCS included in your 2022 income: | |||||||||||||||
Line 10700 of Schedule 3 | |||||||||||||||
Line 11000 of Schedule 3 | + | ||||||||||||||
Line 12400 of Schedule 3 | + | ||||||||||||||
Line 6 of Form T2017. If this amount is negative, | |||||||||||||||
enter in brackets. (see note 42 below) | + | ||||||||||||||
Line 11 of Form T2017. If this amount is negative, | |||||||||||||||
enter in brackets. (see note 43 below) | + | ||||||||||||||
Total (if negative, enter "0") | = | x 1/2 | ► | 166 | |||||||||||
Enter the amount from line 165 or 166, whichever is less. | 167 | ||||||||||||||
Enter the amount from the last line you completed of lines 38, 47, 56, 64, 73, 81, 90, 98, 107, 115, | |||||||||||||||
124, 132, 139, and 147. | + | 168 | |||||||||||||
Line 152 plus line 153. Total amount of capital gains included in your 2022 income that is eligible | |||||||||||||||
for the capital gains deduction. | = | 169 | |||||||||||||
If you disposed of QFFP in 2022, and each of line 14 from Part 1, line 31 from Part 2, and line 154 is greater than or equal to line 150, complete Part 3p. |
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If you did not dispose of QFFP in 2022 the maximum capital gains deduction you can claim on line 25400 of your 2022 income tax and benefit return is the lesser amount of lines 14, 31, and 154. You can, however, choose to claim less than the maximum. |
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Note 41 | |||||||||||||||
You must also subtract from line 163 above, the amount from the last line you completed of line 38 of Part 3a, line 47 of Part 3b, line 56 of Part 3c, line 64 of Part 3d, line 73 of Part 3e, line 81 of Part 3f, line 90 of Part 3g, line 98 of Part 3h, line 107 of Part 3i, line 115 of Part 3j, line 124 of Part 3k, line 132 of Part 3l, line 139 of Part 3m, and line 147 of Part 3n. |
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Note 42 | |||||||||||||||
If line 6 of your Form T2017 includes a reserve(s) from a disposition(s) of QFFP, QFP, or QXP before 2022, remove that part from the amount you enter here. |
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Note 43 | |||||||||||||||
If line 11 of your Form T2017 includes a reserve(s) from a disposition(s) of QSBCS before 2022, remove that part from the amount you enter here. |
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25400 | |||||||||||||||
T657 E (22) | |||||||||||||||
Protected B when completed | |||||||||||||||
Part 3r – Calculating your capital gains deduction on qualified farm or | |||||||||||||||
fishing property | |||||||||||||||
Complete this part only if you meet the following conditions: | |||||||||||||||
• | you disposed of qualified farm or fishing property (QFFP) in 2022 | ||||||||||||||
• | each of lines 14, 31, and 169 are all greater than or equal to the amount on line 165 of Part 3q | ||||||||||||||
Note | |||||||||||||||
For 2022, there is an additional $43,185 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $456,815 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares (QSBCS). |
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Maximum capital gains deduction for QFFP disposed of in 2022 | 170 | ||||||||||||||
Capital gains deductions from previous years | |||||||||||||||
(line k of Chart 2 on the last page) | – | 171 | |||||||||||||
Capital gains deduction available for QFFP disposed of in 2022 included in your 2022 income (line 170 minus line 171; if negative, enter "0") |
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(see note 44 below) | = | ► | 172 | ||||||||||||
Taxable capital gains arising from dispositions in 2022 of QFFP included in your 2022 income: | |||||||||||||||
Line 11000 of Schedule 3 | + | ||||||||||||||
Line 12400 of Schedule 3 | + | ||||||||||||||
Line 6 of Form T2017. If this amount is negative, | |||||||||||||||
enter in brackets. (see note 45 below) | + | ||||||||||||||
Total (if negative, enter "0") | = | x 1/2 | ► | 173 | |||||||||||
Enter the amount from line 172 or 173, whichever is less. | 174 | ||||||||||||||
Enter the amount from line 169 of Part 3r. | + | 175 | |||||||||||||
Line 174 plus line 175. Total amount of capital gains included in your 2022 income that | |||||||||||||||
is eligible for the capital gains deduction. | = | 176 | |||||||||||||
The maximum capital gains deduction you can claim at line 25400 of your 2022 income tax and benefit return is the lesser amount of lines 14, 31, or 176. You can, however, choose to claim less than the maximum. |
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Note 44 | |||||||||||||||
You must also subtract from line 170 above, the amount from line 169 of Part 3q. | |||||||||||||||
Note 45 | |||||||||||||||
If line 6 of your Form T2017 includes a reserve from a disposition of QFFP in any year other than 2022, remove that part from the amount you enter here. |
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25400 | |||||||||||||||
T657 E (22) | |||||||||||||||