Line 40424 - Federal tax on split income
Tax on split income (TOSI) applies to certain types of income for children under 18 years of age at the end of 2023, as well as to certain amounts received by adult individuals from a related business.
For more information, see Form T1206, Tax on Split Income.
Recapture of investment tax credit
If you have to repay all or part of an investment tax credit that you previously received for scientific research and experimental development or for child care spaces, complete Form T2038(IND), Investment Tax Credit (Individuals), to calculate the amount you have to repay.
Federal logging tax credit
If you paid logging tax to a province for logging operations you performed in the province, you may be able to claim a logging tax credit.
To calculate your credit, use the lesser of the following two amounts for each province you had a logging operation in:
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66.6667% of the logging tax paid for the year to the province
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6.6667% of your net logging income for the year in the province
Enter the total of the credits for the year for all provinces, up to 6.6667% of your taxable income from line 26000 of your return, not including any amounts on lines 20800, 21000, 21400, 21500, 21900 and 22000 of your return.
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