Line 40427 – Minimum tax carryover

Note: Line 40427 was line 427 before tax year 2019.

If you paid minimum tax on any of your 2013 to 2019 returns, but you do not have to pay minimum tax for 2020, you may be able to claim credits against your taxes for 2020 for all or part of the minimum tax you paid in those years.

To calculate your claim, complete the parts of Form T691, Alternative Minimum Tax, that apply.

Completing your tax return

Complete Form T691 to calculate your claim for minimum tax carryover and enter the result on line 40427 of your return.

If you are filing electronically, keep your Form T691 for your records. If you are filing a paper return, attach your Form T691.

Be sure to complete the tax and credit form for your province or territory of residence as the provincial or territorial credit is calculated separately.

For Quebec residents, complete the corresponding form and attach it to your provincial tax return.

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