Line 370 - Income exempt under paragraph 149(1)(t)
Line 370 - Income exempt under paragraph 149(1)(t)
Note
The tax exemption under paragraph 149(1)(t) is
eliminated for tax years that start after 2018.
Insurers who are not engaged in any other business except insurance and who earn at least 20% of their gross premium income (net of reinsurance ceded) from the business of property used in a fishing or farming business, or residences of farmers or fishers, are eligible for an exemption from Part I tax on their taxable income.
On line 370, enter the exempt income if you meet the criteria of paragraph 149(1)(t).
Taxable income for a corporation with exempt income under paragraph 149(1)(t)
Enter on this line the result of line 360 minus line 370.
References
Subsections 149(4.1) and 149(4.2)
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