Line 727 - Part XIII.1 tax payable
Line 727 - Part XIII.1 tax payable
Every authorized foreign bank is subject to Part XIII.1 tax equal to 25% of its taxable interest expense for the year.
You have to show your calculations on a separate schedule. Identify these calculations as Schedule 92, Part XIII.1 Tax - Additional Tax on Authorized Foreign Banks, since the CRA does not publish this schedule. For more information, see Part XIII.1 tax in the Income Tax Act.
On line 727 of the return, enter the amount of Part XIII.1 tax payable.