T2048 Forms: 1  
Federal forms: 

Protected B when completed
 
  Capital Gains Deduction for Qualifying Business Transfers  

Use this form to calculate your capital gain deduction for qualifying business transfers (QBT). 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 purchaser corporation wholly owned by the trust under a QBT.

Before you complete this form

You must complete Form T24EOT, Joint Election for Capital Gains Deduction in Respect of a Qualified Business Transfer, before completing this form to report the elected amount. For more information, see "Additional information" on Form T24EOT.

How to complete this form

If you have more than one QBT, complete a separate form for each one.
After completing all calculations for each QBT:

  • Enter the total as applicable on lines 17212 and 17213.
  • Keep a copy of your calculations for your records.
  • If you are claiming a reserve, keep a record of the deduction you claimed for each QBT.

Part 1 - Information about the QBT

Software Note: If you have more than one QBT, please click the Add form button.

 
Identification of the QBT:
Date of disposition:
                     

Part 2 - Maximum deduction for the elected amount

Elected amount for the joint election (maximum of $10 million per QBT)  1
Percentage allocated to you (%) (e.g., enter 60.50 for 60.50%) x %2
Line 1 multiplied by the percentage from line 2 =  3
Inclusion rate x  4
Deduction available for the elected amount: line 3 multiplied by the percentage from line 4 =  5
 
Amount from line 5 (if you have more than one QBT, enter the total from line 5 of all of the forms you completed for each QBT) Total deduction available
for the elected amounts		 17212  6
                     

Part 3 - Maximum deduction for capital gains in the year

                     
Total taxable capital gains from line 12700 of your return unless you have more than one QBT (1)  7
 
Capital gains for the QBT that occurred in the current year reported on Schedule 3  8
Amount of 2024 reserve claimed for the QBT, if any -  9
Total capital gains for the QBT: line 8 minus line 9 =  10
Inclusion rate x  11
Taxable capital gains for the QBT only: line 10 multiplied by the percentage from line 11 =  12
 
Amount from line 12 (if you have more than one QBT, enter the total from line 12 of all the forms you completed for each QBT). Total taxable capital gains for QBT 17213  13
                     
Enter whichever is less: amount from line 7 or line 12  14
 
Enter whichever is less: amount from line 5 or line 14.
Enter all or part of the amount you want to claim on line 25395 of your return.		 Eligible capital gains
deduction for QBT		  15
                             
 
(1) If you have more than one QBT, subtract the capital gain deduction claimed on a previous Form T2048 from line 7 of this Form T2048.