What is Form T691?
Form T691, Alternative Minimum Tax, is a document required by the Canada Revenue Agency (CRA) to help calculate the Alternative Minimum Tax (AMT). This tax ensures that individuals with high incomes pay a minimum amount of tax, even if deductions and credits lower their regular tax bill. If your regular tax amount is less than the AMT, you will need to pay the difference. Completing this form is essential for those who have substantial tax-preferential income or deductions, as it determines if you owe additional taxes.
What is Form T691 used for?
Form T691 is essential for taxpayers who may owe alternative minimum tax. Here’s what it’s used for:
- Calculating Adjusted Taxable Income: Determines income after adding back specific deductions and credits.
- Determining AMT Liability: Calculates the Alternative Minimum Tax based on adjusted taxable income.
- Carryforward Credit Calculation: Figures out the carryforward credit usable against future regular taxes.
- Reporting Minimum Tax Carryover: Reports any minimum tax carryover amount on the tax return if applicable.
How to fill out Form T691?
- 1
Determine if you are subject to AMT using the worksheet.
- 2
Complete Part 1 by calculating your adjusted taxable income and minimum amount.
- 3
Fill in specific lines from 12 to 51, including resource expenditures and deductions.
- 4
Calculate your net adjusted taxable income by subtracting the basic exemption.
- 5
Determine the minimum tax payable if your net adjusted taxable income exceeds $40,000.
- 6
Attach Form T2203 if you had business income from another province or territory.
- 7
Attach Form T691 to your return if there’s a minimum-tax carryover and complete Part 8.
Who is required to fill out Form T691?
Canadian individuals and trusts are responsible for completing Form T691 if they have reported certain amounts like taxable capital gains or claimed specific tax advantages.
After completion, those who have paid minimum tax in prior years and are not subject to AMT in 2024 can claim credits against their tax payable using the T691 form.
When is Form T691 not required?
Form T691 isn't required for most Canadians who don't claim significant tax deductions or credits. Individuals with low to moderate incomes, minimal capital gains, or few charitable donations typically don’t need it. Generally, only those with complex financial situations must file Form T691 for the Alternative Minimum Tax.
When is Form T691 due?
The deadline for Form T691 is the same as your annual income tax return. You must complete this form if you have specific types of income, like taxable capital gains or losses, that require the alternative minimum tax calculation. Make sure to file it on time to avoid any penalties.
How to get a blank Form T691?
To get a blank Form T691, simply visit our website. The Canada Revenue Agency (CRA) issues this form, and we have a blank version pre-loaded in our editor for you to fill out. Remember, our platform assists with filling and downloading forms, but not filing them.
Do you need to sign Form T691?
No, you do not need to sign Form T691, Alternative Minimum Tax. This form is designed to help you calculate and report alternative minimum tax, but a signature is not required. For the most accurate and up-to-date information, checking the latest updates is recommended. You can use PDF Guru to fill out the form and download it for your records, but remember that submission is not supported.
Where to file Form T691?
Form T691, Alternative Minimum Tax, must be submitted to the Canada Revenue Agency (CRA). You can file it electronically through CRA's online services or by mailing a paper version.
If you choose to file by mail, make sure to attach it to your tax return. Quebec residents need to complete the corresponding provincial form and include it with their provincial tax return.
