Line 25395 – Capital gains deduction for qualifying business transfer
- Tax year: 2024
- Return type: Personal income tax and benefit return
A qualifying Business Transfer (QBT) is a type of transaction. If you have a capital gain from a QBT, you may be eligible for a capital gains deduction. You can claim this deduction if certain conditions are met when shares of the capital stock of a corporation are disposed of to a trust (or to a corporation wholly owned by the trust) under a QBT.
To find out if your QBT qualifies for this deduction, see "Additional information" on Form T24EOT, Joint Election for Capital Gains Deduction in Respect of a Qualifying Business Transfer.
Completing your tax return
Form T24EOT must be submitted to the CRA before you can claim the capital gains deduction for QBT.
Use the elected amount and percentage allocated to you on Form T24EOT to complete Form T2048, Capital Gains Deduction for Qualifying Business Transfers and calculate the maximum amount of capital gains deduction for QBT that you can claim on line 25395 of your return.