Ontario qualifying environmental trust tax credit

A corporation that is the beneficiary of a qualifying environmental trust located in Ontario can claim a qualifying environmental trust tax credit on income that is subject to tax under Part XII.4 of the federal Income Tax Act.

The amount of the tax credit is the corporation's share of the qualifying environmental trust tax paid by the trust.

The qualifying environmental trust will issue a letter to the corporation that is a beneficiary.

The credit is fully refundable but must first be applied against taxes payable.

For more information on the credit, see section 87 of the Taxation Act, 2007 (Ontario).

Claiming the credit

On line 450 of Schedule 5, Tax Calculation Supplementary – Corporations, enter the amount of the credit you are claiming.

Supporting documents – You do not have to file the letter with your return. However, keep it in case the CRA asks for it later.

Forms and publications

• Schedule 5, Tax Calculation Supplementary – Corporations

Government partners

• Ontario Ministry of Finance
• Ontario e-Laws