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Form last updated: 03/2024. Please verify this is the current version before use.
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What is a T691 used for?
Form T691 is used to calculate the Alternative Minimum Tax (AMT) for individuals and trusts in Canada. It ensures that taxpayers with higher incomes pay a minimum amount of tax, even if their regular tax liabilities are reduced through deductions and credits.
Who needs to fill out a T691 form
Individuals and trusts in Canada who may be subject to the Alternative Minimum Tax due to specific income types or deductions.
How to fill out a T691 online?
Follow these steps to complete your T691 form online.
Frequently Asked Questions
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The calculation starts with the taxable income reported on line 26000 of your tax return, followed by adjustments to determine adjusted taxable income.
You must complete Form T691 if you reported or claimed specific amounts such as taxable capital gains or certain investment expenses.
If your AMT exceeds your federal income tax, the AMT amount will become your federal tax obligation for that year.
Yes, you can claim a credit against your federal tax payable for AMT paid in prior years if you have sufficient taxable income.
Yes, if you are subject to AMT, you must include Form T691 with your tax return.
