  Resource property (TP-726.20.2-V) |
Use the keyword ResourceProp to enter the information to generate Form TP-726.20.2.
A capital gains deduction on resource property may be claimed on line 292 of the Quebec tax return by an individual for the year in which he or she realized such gains and provided that certain conditions are met.
In order to claim a capital gains deduction on resource property, a taxpayer must have realized a taxable capital gain on resource property.
The amount of the capital gains deduction on resource property is limited: a) to the amount of the taxable capital gain appearing on line 139 of the Quebec tax return. Therefore, you are not required to fill out Form TP-726.20.2 if the capital losses exceed the capital gains for the year, even if you realized a capital gain on the disposition of resource property, or
b) to the cumulative amount of exploration expenses incurred in Quebec for the current year and the previous years minus the assistance received for these expenses and minus twice the cumulative amount of the capital gains deductions on resource property from the previous years.
The following options are applicable for the keyword ResourceProp.
Description of resource property
Use the keyword Property-Cost to enter the cost of the property or, if the property is substituted property, the cost of the property that it replaced.
Enter the proportion of the original purchase price of the limited partnership shares, of which the proportion of mutual fund units has been disposed of during the taxation year.
DT Max will report this amount on line 1 of Form TP-726.20.2.
Use the keyword Property-ACB to enter the adjusted cost base of the property.
DT Max will report this amount on line 2 of Form TP-726.20.2. If the property has been disposed of in the year, DT Max will also enter this amount on line 13 of Form TP-726.20.2.
Use the keyword CG-Deductions.re to enter the year and the capital gains deductions claimed for the property.
DT Max will report the total of the amounts on line 8 of Form TP-726.20.2.
Use the keyword CapitalGain.re to enter the capital gain realized on the disposition of the property.
DT Max will report this amount on the line preceding line 20 of Form TP-726.20.2.
Use the keyword Property-Proceed to enter the proceed from the disposition of the mutual fund units sold in the tax year.
DT Max will report this amount on line 11 of Form TP-726.20.2.
Use the keyword Property-Exp to enter fees and expenses related to the disposition of the mutual fund units.
DT Max will report this amount on line 12 of Form TP-726.20.2.
Use the keyword LastYrReserve.re to enter the reserve deducted in 2022 with respect to the property.
DT Max will report this amount on line 20 of Form TP-726.20.2.
Use the keyword Reserve.res to enter the reserve deducted in 2023 with respect to the property.
DT Max will report this amount on line 16 of Form TP-726.20.2 if the property has been disposed of in the year or on line 21 if a reserve was deducted in 2022 for this property.
Use the keyword DeductionLimit.r to enter a lesser value as deduction for this property.
DT Max will report the total of the amounts on line 75 of Form TP-726.20.2.
Use Resource-Hist to report the historical information for exploration expenses incurred in Quebec claimed by the taxpayer in prior years.
The following options are applicable for the keyword Resource-Hist.
Use Expl-Exp-Que to report the amount of exploration expenses deducted in the relevant year.
Use Expl-Assistance to report the amount of exploration assistance received or receivable in the relevant year.
Use CG-Deductions.r to report the amount of capital gains deductions in the relevant year.
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Description.res