Minimum-TaxUse the keyword Minimum-Tax to indicate the type of minimum tax information that is pertinent to the trust.DT Max will automatically calculate any alternative minimum tax payable and carry forward any relevant information. However, in order for the calculations to be reliable, certain amounts must be entered in the year in which the trust is subject to minimum tax. Please verify that the carryforwards calculated by the program match the CRA's records. The following options are applicable for the keyword Minimum-Tax.
MinTax-ExemptUse the keyword MinTax-Exempt in order to indicate whether or not the trust is liable to minimum tax.Minimum tax limits the tax advantage a trust can receive from certain tax incentives. A trust may be liable to pay minimum tax when the following situations are reported;
Mutual fund trusts, related segregated fund trusts, master trusts and spousal or commom-law trusts in the year in which the trust reports its first deemed realization under the 21-year rule are not subject to minimum tax. DT Max will not calculate the minimum tax for mutual fund trusts and related segregated fund trusts. In all other cases, DT Max will automatically generate the calculation. In order to override DT Max's calculation use the keyword MinTax-Exempt.
Capital-Gain.mtUse the keyword Capital-Gain.mt to enter the capital gains on property acquired or repossessed following a payment default.This amount will be entered on line 34 of Quebec form TP-776.42.F. The following options are applicable for the keyword Capital-Gain.mt.
NonCapLossAdjustUse the keyword NonCapLossAdjust if the trust claimed non capital losses of other years and must reduce the losses for minimum tax purposes.This reduction applies to any portion of the non capital losses attributable to:
The following options are applicable for the keyword NonCapLossAdjust.
Tax-Shelter.mtTax-Shelter.mt carrying charges from the acquisition of an interest in a partnership or tax shelterThe following options are applicable for the keyword Tax-Shelter.mt.
MinTax-CFUse the keyword MinTax-CF to enter the jurisdiction from which the AMT is carried forward.DT Max will automatically calculate any alternative minimum tax payable. However, in order for the calculations to be reliable, you must enter the amount of AMT the first year that is it being carried forward. Please verify that the carryforwards calculated by the program match the CRA's records. The following options are applicable for the keyword MinTax-CF.
Amount.mtAmount.mt year and amount of minimum tax carryforwardThe following options are applicable for the keyword Amount.mt.
AMT-CF-OVDT Max will not automatically calculate any alternative minimum tax payable.In order to apply any alternative minimum tax carried forward from prior years, use the keyword AMT-CF-OV.
MinTax-HistMinTax-Hist year applicableThe following options are applicable for the keyword MinTax-Hist.
Amount.amtUse the keyword Amount.amt to enter the historical amounts of minimum tax. This information is required in order to calculate the Ontario minimum tax carryover on Schedule 12A (Chart 2).The following options are applicable for the keyword Amount.amt.
Adjust-ExpAdjust-Exp adjustment of the investment expenses for minimum tax purposes (Qc)The following options are applicable for the keyword Adjust-Exp.
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