Ontario corporate minimum tax loss carryforward

A corporate minimum tax loss earned in a tax year ending before March 23, 2007, may be carried forward 10 years. A loss earned in a tax year ending after March 22, 2007, may be carried forward 20 years.

Amalgamation

A corporate minimum tax loss may be transferred to a successor corporation on an amalgamation under section 87 of the federal Income Tax Act that occurred before March 22, 2007.

After March 21, 2007, only losses from predecessors who are not controlled by predecessors in the amalgamated group can be transferred. On a vertical amalgamation of a parent and subsidiary corporations occurring after March 21, 2007, only the loss from the parent may be transferred to the successor. The subsidiary’s loss may not be transferred to the parent.

Winding-up

A corporate minimum tax loss may be transferred to a parent corporation on a winding-up of its subsidiary under subsection 88(1) of the federal Act completed before March 22, 2007.

The subsidiary's loss may not be transferred to a parent corporation on any winding-up completed after March 21, 2007.

Calculate the carry-forward amount in Part 7 of Schedule 510, Ontario Corporate Minimum Tax.

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