Form T691 Alternative Minimum Tax - Canada

Form T691, also known as Alternative Minimum Tax (AMT) in Canada, is used to calculate the alternative minimum tax payable by individuals and corporations. The AMT is a separate tax system designed to ensure that taxpayers with certain types of income or deductions pay a minimum amount of tax, regardless of other tax provisions. It helps prevent high-income earners from using various tax planning strategies to reduce their overall tax liability.

The Form T691 Alternative Minimum Tax in Canada is filed by individuals who are subject to the alternative minimum tax (AMT) and have certain tax preferences or adjustments that need to be reported.

FAQ

Q: What is Form T691?
A: Form T691 is a tax form used in Canada to calculate the Alternative Minimum Tax (AMT).

Q: Who is required to file Form T691?
A: Individuals and corporations who meet certain criteria are required to file Form T691.

Q: What is the Alternative Minimum Tax (AMT)?
A: The Alternative Minimum Tax is a separate tax calculation designed to ensure that individuals and corporations with high income and certain tax deductions pay a minimum amount of tax.

Q: What information is required to complete Form T691?
A: To complete Form T691, you will need to provide your total income, deductions, and credits, as well as any other relevant financial information.

Q: When is the deadline to file Form T691?
A: The deadline to file Form T691 is generally the same as the deadline for filing your regular income tax return in Canada, which is April 30th.