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  Calculation of Capital Gains Deduction for 2024 T657

Use this form to calculate your capital gains deduction on line 25400 of your return if:

  • You disposed of qualified farm or fishing property (QFFP) or qualified small business corporation shares (QSBCS) in 2024
  • You are reporting an amount from a 2023 reserve in 2024 from the disposition of QFFP or QSBCS

For definitions of qualified farm or fishing property and qualified small business corporation shares, see Guide T4037, Capital Gains.

Notes:
You must be a resident of Canada throughout 2024 to be eligible to claim the capital gains deduction. For the purpose of this deduction, you are deemed to be a resident throughout 2024 if you were a resident of Canada at any time in 2024 and throughout 2023 or 2025.

Deferred capital gains from the disposition of QSBCS do not qualify for this deduction and should have been reported at lines 10689, 10690, 13199, and 13200 instead of lines 10683, 10684, 10699 and 10700 (for more information see Guide T4037, Capital Gains).

Before you start

Complete Schedule 3, Capital Gains or Losses, to report the disposition of QFFP, QSBCS or the inclusion of reserve amount from prior-year dispositions of QFFP or QSBCS, and to calculate your taxable capital gain or loss for 2024.

Complete Form T2017, Summary of Reserves on Dispositions of Capital Property, if you are reporting a reserve claimed on your 2023 return or are claiming a reserve for 2024.

Complete Form T936, Calculation of Cumulative Net Investment Loss (CNIL) to December 31, 2024, if you have investment income or investment expenses in 2024. Form T936 lists the components of investment income and expenses for the purpose of calculating your CNIL.

To get these forms, go to canada.ca/cra-forms-publications.

Capital gains deduction limit

For 2024, there are two lifetime capital gains exemption (LCGE) limits:

  • For dispositions in Period 1 from January 1 to June 24, 2024, the limit is $1,016,836.
  • For dispositions in Period 2 from June 25 to December 31, 2024, the limit is $1,250,000.

If you disposed of QFFP, QSBCS, or claimed a reserve for a disposition of QFFP or QSBCS in a previous tax year you may be eligible for the lifetime capital gains exemption (LCGE).

For dispositions of QFFP or QSBCS at any time in 2024, only half of the capital gain is included in your taxable capital gains, so the cumulative capital gains deduction is limited to half of the LCGE amount available

For dispositions of QFFP after April 20, 2015 and before January 1, 2024, the LCGE is increased to $1,000,000. This additional deduction does not apply to dispositions of QSBCS. There is no additional deduction for QFFP in 2024.

Capital gains deduction limits on dispositions of qualifying capital property for 2015 to 2024

Year of disposition Lifetime capital gains exemption
2015$406,800 (1/2 of $813,600)
2016$412,088 (1/2 of $824,176)
2017$417,858 (1/2 of $835,716)
2018$424,126 (1/2 of $848,252)
2019$433,456 (1/2 of $866,912)
2020$441,692 (1/2 of $883,384)
2021$446,109 (1/2 of $892,218)
2022$456,815 (1/2 of $913,630)
2023$485,595 (1/2 of $971,190)
2024Period 1: $508,418 (1/2 of $1,016,836)
Period 2: $625,000 (1/2 of $1,250,000)

For more information, see "Claiming a capital gains deduction" in Guide T4037, Capital Gains.

 
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Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

When you dispose of QFFP or QSBCS and have a capital gain, you can claim a capital gains deduction in 2024 that is equal to whichever of the following amounts is the least:

  • your annual gains limit for 2024;
  • your cumulative gains limit for 2024;
  • your net taxable capital gains reported in 2024 from dispositions of QFFP or QSBCS or if you are reporting a reserve in 2024 from the disposition of qualifying capital property
  • your maximum capital gains deduction available for 2024.

There is an election available if you own shares of a qualifying small business corporation that stops being a small business corporation for one of the following reasons:

  • a class of its shares is listed on a designated stock exchange
  • after 1999, a class of another corporation's shares is listed on a designated stock exchange.

This election allows you to report a taxable capital gain on your income tax and benefit return and claim up to $508,418 for dispositions before June 25, 2024 and up to $625,000 for dispositions after June 24, 2024 for the capital gains deduction, even though you did not actually sell your shares. The deduction applies to any gain you have on these shares up to the date the shares are listed. To make this election, complete Form T2101, Election for Gains on Shares of a Corporation Becoming Public. To get this form, go to canada.ca/cra-forms-publications.

Allocation and designation of capital gains by a trust from QFFP and QSBCS

If you are a beneficiary of a trust and received a 2024 T3 slip from the trust with an amount reported in box 30, you may include this amount when calculating your capital gains deduction, as noted below.

The amount in box 30 represents the capital gains from dispositions of QFFP or QSBCS by the trust that occurred in 2024 or relates to a capital gains reserve claimed by the trust in a previous year.

If the disposition occurred in the current tax year of the trust, boxes 54 to 57 on the T3 slip will indicate what portion of the box 30 amount relates to dispositions of QFFP or QSBCS and whether the gain is for a disposition that occurred in Period 1 or Period 2. Capital gains realized by the trust and allocated to you in 2024 are included in the amount on line 10684 or line 10686 for Period 1, and line 10700 or line 11000 for Period 2 of Schedule 3, as applicable. To calculate your capital gains deduction, complete the Period 1 or Period 2 parts of "Chart 2024 – Capital gains deduction", as applicable.

If the disposition occurred in one of the four preceding tax years of the trust, the footnote area of the T3 slip will indicate that the gain reported in box 30 is from the disposition of QFFP or QSBCS, and the year that the trust disposed of the property. These gains should not be included on "Chart 2024 – Capital gains deduction". Complete the applicable charts for the 2020 to 2023 years (as determined in Step 3a, based on the trust's year of disposition).


Example
You received a 2024 T3 slip for a trust. The footnotes area indicates that the capital gain shown in box 30 is from the disposition of QFFP that occurred in 2021. Based on the questions in Step 3a, complete Part 1 and Part 2 of "Chart 2021 – Capital gains deduction".
 
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  Calculation of Capital Gains Deduction for 2024 T657

Step 1 - Calculate your annual gains limit for 2024
                       
Total of lines 10684, 10686, and 10688 of Schedule 3 (if negative, show in brackets)  1 
Total amount from line 15 of Form T2017 (if negative, show in brackets) +  2 
Total of lines 10700, 11000, and 12400 of Schedule 3 (if negative, show in brackets) +  3 
Add lines 1 to 3 (if negative, show in brackets). =  4 
Total amount from lines 30 and 33 of Form T2017 -  5 
Line 4 minus line 5 (if negative, show in brackets) =  6 
Inclusion rate x 1/2  7 
Line 3 multiplied by the inclusion rate of line 7
(if negative, enter "0")		 Total taxable capital gains or losses for 2024 for qualifying property =  8 
 
Total taxable capital gains or net capital losses from line 19900 of Schedule 3
(if negative, show in brackets)		  9 
Total of amounts from lines17599 and 17600 of Schedule 3 (if negative, show in brackets) x  1/2  = -  10 
Line 9 minus line 10 =  11 
 
Enter whichever is less: amount from line 8 or line 11.
If line 12 is "0", you cannot claim a capital gains deduction for 2024.		 Eligible taxable
capital gains for 2024		  12 
Net capital losses of other years deducted in 2024
(line 25300 of your 2024 return).		  13 
Net non-eligible taxable capital gains in 2024
(line 14 of Chart A of Form T936 for 2024)		 -  14 
Adjusted net capital losses of other years:
Line 13 minus line 14 (if negative, enter "0")		 =  15 
Allowable business investment losses from line 21700 of your 2024 return. +  16 
Line 15 plus line 16 Total losses for annual gains limit =   -  17 
Line 12 minus line 17 (if negative, enter "0") (1) Annual gains limit for 2024 =  18 
 
     
(1) If you claim a capital gains deduction on a qualifying business transfer (QBT) at line 25395 of your return, you are not entitled to claim a capital gains deduction on the disposition of QFFP or QSBCS in relation to the same portion of taxable capital gains from the particular disposition. If you are eligible to claim both of these capital gains deductions in the year, adjust the amount at line 18 to remove the capital gains deduction on a QBT claimed in the year.
 
 
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Step 2 - Calculate your cumulative gains limit for 2024
                                         
Total taxable capital gains reported after 1984 and before 1992:
Total amount from line 127 of your returns for these years
(Do not include reserves reported on property disposed of before 1985.)		  1
1992 and 1993 eligible taxable capital gains:
Total amount from line 3 in Part 1 of Form T657 or T657A for 1992 and 1993		 +  2
1994 eligible taxable capital gains:
Total amount from line 5 in Part 1 of Form T657 or T657A for 1994		 +  3
1995 eligible taxable capital gains
Amount from line 7 in Part 1 of Form T657 or line 3 of Form T657A for 1995		 +  4
1996 to 1999 eligible taxable capital gains
(line 8 in Part 1 of Form T657 for those years)		 +  5
2000 eligible taxable capital gains
(line 7 in Part 1 of Form T657 for 2000)		 +  6
2001 eligible taxable capital gains
(line 8 in Part 1 of Form T657 for 2001)		 +  7
2002 to 2024 eligible taxable capital gains:
Total amount from line 10 in Part 1 of Form T657 for 2002 to 2017, line 8 in Part 1 of Form T657 for 2018 to 2023, and line 12 in Step 1 of Form T657 for 2024		 +  8
Total of lines 1 to 8 Cumulative eligible taxable capital gains =  9
 
Allowable capital losses claimed in 1985 shown in brackets on line 127 of your 1985 return (maximum $2,000)  10
Allowable business investment losses claimed after 1984 and before 2024
Total amount from line 217 on your returns for 1985 to 2018 and line 21700 on your returns for 2019 to 2023		 +  11
Total net capital losses of other years claimed after 1984 and before 2024:
Total of amounts in column G in Chart 1		 +  12
Total losses used to calculate your annual gains limit for 2024
(Amount from line 17 of Step 1 above)		 +  13
Cumulative net investment loss to December 31, 2024
(Amount from line C in Part 3 of Form T936 for 2024)		 +  14
Total capital gains deductions claimed after 1984 and before 2024
Total amount from line 254 on your returns for 1985 to 2018 and line 25400 of your returns for 2019 to 2023		 +  15
Total of lines 10 to 15 =   -  16
 
Line 9 minus line 16 (if negative, enter "0")
If "0", you cannot claim a capital gains deduction for 2024.
(do not complete the rest of this form). 		Cumulative gains limit for 2024 =  17
 
 
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Step 3 - Determine which charts you need to complete

To determine which charts you need to complete, answer the questions below by ticking yes or no.
(Software Note: The software will calculate applicable parts based on your answers.)

Note:
If you disposed of qualified farm or fishing property (QFFP) or qualified small business corporation shares (QSBCS) in 2024 and are not reporting a reserve claimed in a previous year, begin at Step 3b at the bottom of this page.

             
Step 3a: Are you reporting a reserve in 2024 on dispositions of ...
 
  QFFP or QSBCS to your child in 2015? Yes No
  QFFP to your child after April 20, 2015 and before 2016? Yes No
 
  QFFP or QSBCS to your child in 2016? Yes No
  QFFP to your child in 2016? Yes No
 
  QFFP or QSBCS to your child in 2017? Yes No
  QFFP to your child in 2017? Yes No
 
  QFFP or QSBCS to your child in 2018? Yes No
  QFFP to your child in 2018? Yes No
 
  QFFP or QSBCS to your child in 2019? Yes No
  QFFP to your child in 2019? Yes No
 
  QFFP or QSBCS in 2020, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2020? Yes No
  QFFP in 2020, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2020? Yes No
 
  QFFP or QSBCS in 2021, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2021? Yes No
  QFFP in 2021, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2021? Yes No
 
  QFFP or QSBCS in 2022, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2022? Yes No
  QFFP in 2022, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2022? Yes No
 
  QFFP or QSBCS in 2023, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2023? Yes No
  QFFP in 2023, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2023? Yes No
 
Step 3b: Did you dispose of ...
 
  QFFP or QSBCS (including designations of taxable capital gains distributed by a trust) in 2024 before June 25, 2024 (Period 1)? Yes No
 
  QFFP or QSBCS (including designations of taxable capital gains distributed by a trust) in 2024 after June 24, 2024 (Period 2)? Yes No
 
 
 
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Chart 2015 - Capital gains deduction

Part 1 - Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2015.

                     
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2015  A
Capital gains deductions from previous years from line 19 of Chart 2 (2015-1) -  B
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2015 included in your 2024 income: amount A minus amount B (if negative, enter "0") =  C
Line 7 of Form T2017   
Reserve from a disposition of QFFP in any year other than 2015 -   
Amount from line 7 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2015 (if negative, show in brackets) =  D
Line 14 of Form T2017   
reserve from a disposition of QSBCS in any year other than 2015 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS in any year other than 2015 (if negative, show in brackets) =  E
Taxable capital gains from a reserve on QFFP and/or QSBCS disposed of in 2015 included in your 2024 income: amount D plus amount E (if negative, enter "0")   x 1/2 =     F
Enter whichever is less: amount C or amount F. Total amount of capital gains included in 2024 income eligible for capital gains deduction +  G
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount G above.
If you are not reporting a reserve in 2024 from the disposition of QFFP after April 20, 2015, and before 2016, are not bringing a reserve into 2024 income for any disposition of QFFP or QSBCS after 2015, and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  H
 
If you are reporting a reserve in 2024 from the disposition of QFFP after April 20, 2015 and before 2016, and amount C above is less than the amounts on line 18 in Step 1, line 17 in Step 2, and amount G above, and you want to claim the additional deduction, complete Part 2 of Chart 2015 on the next page.
 
     
(2015-1) If you claimed a capital gains deduction for other eligible capital gains from 2015 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2015, plus
  • amount of all capital gains deductions that you have already claimed from 2015 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2015 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2015 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount B above.
 
 
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Chart 2015 - Capital gains deduction

Part 2 - Qualified farm or fishing property (QFFP)

Complete this chart if you meet both of the following conditions:

  • You are reporting a reserve in 2024 from the disposition of QFFP to your child after April 20, 2015, and before 2016.
  • Amount C in Part 1 is equal to or less than all of the following amounts:
    • your annual gains limit for 2024 from line 18 in Step 1
    • your cumulative gains limit for 2024 from line 17 in Step 2
    • the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from amount G in Part 1 of Chart 2015
Note
For this period, there is an additional $93,200 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $406,800 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares (QSBCS).
                       
Maximum capital gains deduction for QFFP disposed of after April 20, 2015, and before 2016  A
Total amount of capital gains included in 2024 income eligible for the capital gains deduction from amount G in Part 1 for 2015 -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2015-2) -  D
Capital gains deduction available for QFFP disposed of after April 20, 2015 and before 2016 included in your 2024 income: amount C minus amount D (if negative, enter "0") =  E
 
Line 7 of Form T2017   
Reserve from a disposition of QFFP in any year other than 2015 -   
Amount from line 7 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2015) (if negative, show in brackets) =  x 1/2 =     F
 
Enter whichever is less: amount E or amount F.  G
Enter amount B from above. +  H
Amount G plus amount H =  I
 
Enter whichever is less: amount F or amount I. Total amount of capital gains included in 2024 income eligible for capital gains deduction =  J
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you did not dispose of QFFP or QSBCS in 2024 and are not bringing a reserve into 2024 income for any disposition after 2015, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  K
 
     
(2015-2) If you claimed a capital gains deduction for other eligible capital gains after April 20, 2015, to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your 2016 Form T657 that only includes amounts claimed before April 21, 2015, plus
  • amount of all capital gains deductions you have already claimed after April 20, 2015, and before 2016 for this reserve, plus
  • amount of the capital gains deductions you claimed after December 31, 2015, to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) after April 20, 2015 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2015 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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Chart 2016 - Capital gains deduction

Part 1 - Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2016.

                     
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2016  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from Chart 2015. If you did not complete charts for 2015, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2016-1) -  D
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2016 included in your 2024 income: amount C minus amount D (if negative, enter "0") =  E
 
Line 6 of Form T2017   
Reserves from a dispositions of QFFP, QFP, or QXP in any year other than 2016 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2016 (if negative, show in brackets) =  F
Line 14 of Form T2017   
Reserves from dispositions of QSBCS in any year other than 2016 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS in any year other than 2016 (if negative, show in brackets) =  G
Taxable capital gains from a reserve on QFFP and/or QSBCS disposed of in 2016 included in your 2024 income: amount F plus amount G (if negative, enter "0") = x 1/2 =    H
 
Enter whichever is less: amount E or amount H.  I
Enter amount B above. +  J
Amount I plus amount J Total amount of capital gains included in 2024 income eligible for capital gains deduction =  K
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount K above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2016, are not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2016, and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  L
 
If you are reporting a reserve in 2024 from the disposition of QFFP in 2016 and amount E above is equal to or less than the amounts on line 18 in Step 1, line 17 in Step 2, and amount K above, and you want to claim the additional deduction, complete Part 2 of Chart 2016 on the next page.
 
     
(2016-1) If you claimed a capital gains deduction for other eligible capital gains in 2016 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2016, plus
  • amount of all capital gains deductions that you have already claimed from 2016 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2016 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2016 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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Chart 2016 - Capital gains deduction

Part 2 - Qualified farm or fishing property (QFFP)

Complete this chart if you meet both of the following conditions:

  • You are reporting a reserve in 2024 from the disposition of QFFP to your child in 2016/strong>.
  • Amount E in Part 1 is equal to or less than all of the following amounts:
    • your annual gains limit for 2024 from line 18 in Step 1
    • your cumulative gains limit for 2024 from line 17 in Step 2
    • the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from amount K in Part 1 of Chart 2016
Note
For 2016, there is an additional $87,912 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $412,088 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares.
                       
Maximum capital gains deduction for QFFP disposed of in 2016  A
Enter amount K from Part 1 of Chart 2016 -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2016-1) -  D
Capital gains deduction available for QFFP disposed of in 2016 included in your 2024 income:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2016 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2016) (if negative, show in brackets) = x 1/2 =    F
 
Enter whichever is less: amount E or amount F.  G
Enteramount B from above. +  H
Amount G plus amount H =  I
 
Enter whichever is less: amount F or amount I. Total amount of capital gains included in 2024 income eligible for capital gains deduction =  J
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you did not dispose of QFFP or QSBCS in 2024 and are not bringing a reserve into 2024 income for any disposition after 2016, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  K
 
     
(2016-1) If you claimed a capital gains deduction for other eligible capital gains in 2016 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2016, plus
  • amount of all capital gains deductions that you have already claimed from 2016 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2016 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2016 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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Chart 2017 - Capital gains deduction

Part 1 - Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2017.

                     
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2017  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from 2015 to 2016. If you did not complete charts for 2015 to 2016, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2017-1) -  D
Capital gains deduction available for dispositions of QFFP and/or QSBCS disposed of in 2017 included in your 2024 income: amount ? minus amount @ (if negative, enter "0") =  E
 
Line 6 of Form T2017   
Reserves from a dispositions of QFFP, QFP, or QXP in any year other than 2017 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2017 (if negative, show in brackets) =  F
Line 14 of Form T2017   
Reserves from dispositions of QSBCS in any year other than 2017 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS in any year other than 2017 (if negative, show in brackets) =  G
Taxable capital gains from a reserve on QFFP and/or QSBCS disposed of in year_disposition included in your 2024 income: amount F plus amount G (if negative, enter "0")   x 1/2 =     H
 
Enter whichever is less: amount E or amount H.  I
Enter amount B above. +  J
Amount I plus amount J Total amount of capital gains included in 2024 income eligible for capital gains deduction =  K
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount K above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2016, are not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2016, and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  L
 
If you are reporting a reserve in 2024 from the disposition of QFFP in 2017 and amount E above is equal to or less than the amounts on line 18 in Step 1, line 17 in Step 2, and amount K above, and you want to claim the additional deduction, complete Part 2 of Chart 2017 on the next page.
 
     
(2017-1) If you claimed a capital gains deduction for other eligible capital gains in 2017 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2017, plus
  • amount of all capital gains deductions that you have already claimed from 2017 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2017 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2017 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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Chart 2017 - Capital gains deduction

Part 2 - Qualified farm or fishing property (QFFP)

Complete this chart if you meet both of the following conditions:

  • You are reporting a reserve in 2024 from the disposition of QFFP to your child in 2017/strong>.
  • Amount E in Part 1 is equal to or less than all of the following amounts:
    • your annual gains limit for 2024 from line 18 in Step 1
    • your cumulative gains limit for 2024 from line 17 in Step 2
    • the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from amount K in Part 1 of Chart 2017
Note
For 2017, there is an additional $82,142 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $417,858 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares (QSBCS).
                       
Maximum capital gains deduction for QFFP disposed of in 2017  A
Enter amount K from Part 1 of Chart 2017 -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2017-1) -  D
Capital gains deduction available for QFFP disposed of in 2017 included in your 2024 income:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2017 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2017) (if negative, show in brackets) = x 1/2 =    F
 
Enter whichever is less: amount E or amount F.  G
Enteramount B from above. +  H
Amount G plus amount H =  I
 
Enter whichever is less: amount F or amount I. Total amount of capital gains included in 2024 income eligible for capital gains deduction =  J
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you did not dispose of QFFP or QSBCS in 2024 and are not bringing a reserve into 2024 income for any disposition after 2017, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  K
 
     
(2017-1) If you claimed a capital gains deduction for other eligible capital gains in 2017 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2017, plus
  • amount of all capital gains deductions that you have already claimed from 2017 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2017 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2017 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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  Protected B when completed
Chart 2018 - Capital gains deduction

Part 1 - Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2018.

                     
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2018  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from 2015 to 2017. If you did not complete charts for 2015 to 2017, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2018-1) -  D
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2018 included in your 2024 income: amount C minus amount D (if negative, enter "0") =  E
 
Line 6 of Form T2017   
Reserves from a dispositions of QFFP, QFP, or QXP in any year other than 2018 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2018 (if negative, show in brackets) =  F
Line 14 of Form T2017   
Reserves from dispositions of QSBCS in any year other than 2018 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS in any year other than 2018 (if negative, show in brackets) =  G
Taxable capital gains from a reserve on QFFP and/or QSBCS disposed of in year_disposition included in your 2024 income: amount F plus amount G (if negative, enter "0") x 1/2 =    H
 
Enter whichever is less: amount E or amount H.  I
Enter amount B above. +  J
Amount I plus amount J Total amount of capital gains included in 2024 income eligible for capital gains deduction =  K
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount K above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2016, are not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2016, and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  L
 
If you are reporting a reserve in 2024 from the disposition of QFFP in 2018 and amount E above is equal to or less than the amounts on line 18 in Step 1, line 17 in Step 2, and amount K above, and you want to claim the additional deduction, complete Part 2 of Chart 2018 on the next page.
 
     
(2018-1) If you claimed a capital gains deduction for other eligible capital gains in 2018 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2018, plus
  • amount of all capital gains deductions that you have already claimed from 2018 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2018 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2018 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
13
  Protected B when completed
Chart 2018 - Capital gains deduction

Part 2 - Qualified farm or fishing property (QFFP)

Complete this chart if you meet both of the following conditions:

  • You disposed of QFFP to your child in 2018.
  • Amount E in Part 1 is equal to or less than all of the following amounts:
    • your annual gains limit for 2024 from line 18 in Step 1
    • your cumulative gains limit for 2024 from line 17 in Step 2
    • the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from amount K in Part 1 Chart 2018
Note
For 2018, there is an additional $75,874 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $424,126 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares (QSBCS).
                       
Maximum capital gains deduction for QFFP disposed of in 2018  A
Enter amount K from Part 1 of Chart 2018 -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2018-1) -  D
Capital gains deduction available for QFFP disposed of in 2018 included in your 2024 income:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2018 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2018) (if negative, show in brackets) = x 1/2 =    F
 
Enter whichever is less: amount E or amount F.  G
Enteramount B from above. +  H
Amount G plus amount H =  I
 
Enter whichever is less: amount F or amount I. Total amount of capital gains included in 2024 income eligible for capital gains deduction =  J
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024 income for any disposition after 2018, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  K
 
     
(2018-1) If you claimed a capital gains deduction for other eligible capital gains in 2018 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2018, plus
  • amount of all capital gains deductions that you have already claimed from 2018 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2018 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2018 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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  Protected B when completed
Chart 2019 - Capital gains deduction

Part 1 - Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS to your child in 2019 or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2019.

                     
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2019  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from 2015 to 2018. If you did not complete charts for 2015 to 2018, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2019-1) -  D
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2019 included in your 2024 income: amount C minus amount D (if negative, enter "0") =  E
 
Line 6 of Form T2017   
Reserves from a dispositions of QFFP, QFP, or QXP in any year other than 2019 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2019 (if negative, show in brackets) =  F
Line 14 of Form T2017   
Reserves from dispositions of QSBCS in any year other than 2019 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS in any year other than 2019 (if negative, show in brackets) =  G
Taxable capital gains from a reserve on QFFP and/or QSBCS disposed of in year_disposition included in your 2024 income: amount F plus amount G (if negative, enter "0") x 1/2 =  H
 
Enter whichever is less: amount E or amount H.  I
Enter amount B above. +  J
Amount I plus amount J Total amount of capital gains included in 2024 income eligible for capital gains deduction =  K
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount K above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2016, are not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2016, and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  L
 
If you are reporting a reserve in 2024 from the disposition of QFFP in 2019 and amount E above is equal to or less than the amounts on line 18 in Step 1, line 17 in Step 2, and amount K above, and you want to claim the additional deduction, complete Part 2 of Chart 2019 on the next page.
 
     
(2019-1) If you claimed a capital gains deduction for other eligible capital gains in 2019 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2019, plus
  • amount of all capital gains deductions that you have already claimed from 2019 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2019 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2019 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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  Protected B when completed
Chart 2019 - Capital gains deduction

Part 2 - Qualified farm or fishing property (QFFP)

Complete this chart if you meet both of the following conditions:

  • You disposed of QFFP to your child in 2019
  • Amount E in Part 1 is equal to or less than all of the following amounts:
    • your annual gains limit for 2024 from line 18 in Step 1
    • your cumulative gains limit for 2024 from line 17 in Step 2
    • the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from amount K in Part 1 of Chart 2019
Note
For 2019, there is an additional $66,544 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $433,456 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares (QSBCS).
                       
Maximum capital gains deduction for QFFP disposed of in 2019  A
Enter amount K from Part 1 of Chart 2019 -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2019-1) -  D
Capital gains deduction available for QFFP disposed of in 2019 included in your 2024 income:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2019 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2019) (if negative, show in brackets) = x 1/2 =    F
 
Enter whichever is less: amount E or amount F.  G
Enteramount B from above. +  H
Amount G plus amount H =  I
 
Enter whichever is less: amount F or amount I. Total amount of capital gains included in 2024 income eligible for capital gains deduction =  J
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount J above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024 income for any disposition after 2019, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  K
 
     
(2019-1) If you claimed a capital gains deduction for other eligible capital gains in 2019 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2019, plus
  • amount of all capital gains deductions that you have already claimed from 2019 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2019 to 2023, minus 1/2 of the maximum LCGE increase allowed for the other gains from 2019 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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  Protected B when completed
Chart 2020 - Capital gains deduction

Part 1 - Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Complete this chart if you are reporting a reserve in 2024 on dispositions of QFFP or QSBCS in 2020, or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2020.

                         
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2020  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from 2015 to 2019. If you did not complete charts for 2015 to 2019, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2020-1) -  D
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2020 and included in your 2024 income: amount C minus amount D (if negative, enter "0") =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2020 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2020) (if negative, show in brackets) =  F 
Line 14 of Form T2017   
Reserves from dispositions of QSBCS in any year other than 2020 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS in any year other than 2020) (if negative, show in brackets) =  G 
Taxable capital gains from a reserve on QFFP and/or QSBCS disposed of in 2020 included in your 2024 income:
Amount F plus amount G (if negative, enter "0").		 x 1/2 =  H
Amount included in box 30 of a 2024 T3 slip and the footnote area indicates the property was disposed of in 2020 x 1/2 = +  I
Amount H plus amount I =  J
 
Enter whichever is less: amount E or amount J.  K
Enter amount B from above. +  L
Amount K plus amount L Total amount of capital gains included in 2024 income eligible for capital gains deduction =  M
 
Enter whichever is the least: line 18 of Step 1, line 17 of Step 2 or amount M above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2020, are not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2020, and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  N
 
If you are reporting a reserve in 2024 from a disposition of QFFP in 2020 and amount E above is equal to or less than the amounts on line 18 of Step 1, line 17 of Step 2, and amount M above, and you want to claim the additional deduction, complete Part 2 of Chart 2020 on the next page.
 
     
(2020-1) If you claimed a capital gains deduction for other eligible capital gains from 2020 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2020 , plus
  • amount of all capital gains deductions you have already claimed from 2020 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2020 to 2023,
    minus 1/2 of the maximum LCGE increase allowed for the other gains from 2020 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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  Protected B when completed
Chart 2020 - Capital gains deduction

Part 2 - Qualified farm or fishing property (QFFP)

Complete this chart if you meet both of the following conditions:

  • You disposed of QFFP in 2020 or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the QFFP was disposed of in 2020
  • Amount E in Part 1 is equal to or less than all of the following amounts:
    • your annual gains limit for 2024 from line 18 in Step 1
    • your cumulative gains limit for 2024 from line 17 in Step 2
    • the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from amount M in Part 1 of Chart 2020

Note
For 2020, there is an additional $58,308 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $441,692 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares (QSBCS).
                         
Maximum capital gains deduction for QFFP disposed of in 2020  A
Enter amount M from Part 1 of Chart 2020 -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2020-1) -  D
Capital gains deduction available for QFFP disposed of in 2020 included in your 2024 income:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2020 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2020) (if negative, show in brackets) = x 1/2 =    F
Amount included in box 30 of a 2024 T3 slip and the footnote area indicates the QFFP was disposed of in 2020 x 1/2 = +  G
Amount F plus amount G =  H
 
Enter whichever is less: amount E or amount H.  I
Enter amount B from above. +  J
Amount I plus amount J =  K
 
Enter whichever is less: amount H or amount K. Total amount of capital gains included in 2024 income eligible for capital gains deduction =  L
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount L above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024 income for any disposition after 2020, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  M
 
     
(2020-1) If you claimed a capital gains deduction for other eligible capital gains from 2020 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2020 , plus
  • amount of all capital gains deductions you have already claimed from 2020 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2020 to 2023,
    minus 1/2 of the maximum LCGE increase allowed for the other gains from 2020 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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  Protected B when completed
Chart 2021 - Capital gains deduction

Part 1 - Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Complete this chart if you disposed of QFFP or QSBCS in 2021, or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2021.

                         
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2021  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from 2015 to 2020. If you did not complete charts for 2015 to 2020, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2021-1) -  D
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2021 and included in your 2024 income: amount C minus amount D (if negative, enter "0") =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2021 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2021) (if negative, show in brackets) =  F 
Line 14 of Form T2017   
Reserves from dispositions of QSBCS in any year other than 2021 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS in any year other than 2021) (if negative, show in brackets) =  G 
Taxable capital gains from a reserve on QFFP and/or QSBCS disposed of in 2021 included in your 2024 income:
Amount F plus amount G (if negative, enter "0").		 x 1/2 =  H
Amount included in box 30 of a 2024 T3 slip and the footnote area indicates the property was disposed of in 2021 x 1/2 = +  I
Amount H plus amount I =  J
 
Enter whichever is less: amount E or amount J.  K
Enter amount B from above. +  L
Amount K plus amount L Total amount of capital gains included in 2024 income eligible for capital gains deduction =  M
 
Enter whichever is the least: line 18 of Step 1, line 17 of Step 2 or amount M above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2021, are not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2021, and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  N
 
If you are reporting a reserve in 2024 from a disposition of QFFP in 2021 and amount E above is equal to or less than the amounts on line 18 of Step 1, line 17 of Step 2, and amount M above, and you want to claim the additional deduction, complete Part 2 of Chart 2021 on the next page.
 
     
(2021-1) If you claimed a capital gains deduction for other eligible capital gains from 2021 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2021 , plus
  • amount of all capital gains deductions you have already claimed from 2021 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2021 to 2023,
    minus 1/2 of the maximum LCGE increase allowed for the other gains from 2021 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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  Protected B when completed
Chart 2021 - Capital gains deduction

Part 2 - Qualified farm or fishing property (QFFP)

Complete this chart if you meet both of the following conditions:

  • You disposed of QFFP in 2021 or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the QFFP was disposed of in 2021
  • Amount E in Part 1 is equal to or less than all of the following amounts:
    • your annual gains limit for 2024 from line 18 in Step 1
    • your cumulative gains limit for 2024 from line 17 in Step 2
    • the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from amount M in Part 1 of Chart 2021

Note
For 2021, there is an additional $53,891 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $446,109 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares (QSBCS).
                         
Maximum capital gains deduction for QFFP disposed of in 2021  A
Enter amount M from Part 1 of Chart 2021 -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2021-1) -  D
Capital gains deduction available for QFFP disposed of in 2021 included in your 2024 income:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2021 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2021) (if negative, show in brackets) = x 1/2 =    F
Amount included in box 30 of a 2024 T3 slip and the footnote area indicates the QFFP was disposed of in 2021 x 1/2 = +  G
Amount F plus amount G =  H
 
Enter whichever is less: amount E or amount H.  I
Enter amount B from above. +  J
Amount I plus amount J =  K
 
Enter whichever is less: amount H or amount K. Total amount of capital gains included in 2024 income eligible for capital gains deduction =  L
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount L above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024 income for any disposition after 2021, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  M
 
     
(2021-1) If you claimed a capital gains deduction for other eligible capital gains from 2021 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2021 , plus
  • amount of all capital gains deductions you have already claimed from 2021 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2021 to 2023,
    minus 1/2 of the maximum LCGE increase allowed for the other gains from 2021 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
20
  Protected B when completed
Chart 2022 - Capital gains deduction

Part 1 - Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Complete this chart if you disposed of QFFP or QSBCS in 2022, or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2022.

                         
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2022  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from 2015 to 2021. If you did not complete charts for 2015 to 2021, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2022-1) -  D
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2022 and included in your 2024 income: amount C minus amount D (if negative, enter "0") =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2022 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2022) (if negative, show in brackets) =  F 
Line 14 of Form T2017   
Reserves from dispositions of QSBCS in any year other than 2022 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS in any year other than 2022) (if negative, show in brackets) =  G 
Taxable capital gains from a reserve on QFFP and/or QSBCS disposed of in 2022 included in your 2024 income:
Amount F plus amount G (if negative, enter "0").		 x 1/2 =  H
Amount included in box 30 of a 2024 T3 slip and the footnote area indicates the property was disposed of in 2022 x 1/2 = +  I
Amount H plus amount I =  J
 
Enter whichever is less: amount E or amount J.  K
Enter amount B from above. +  L
Amount K plus amount L Total amount of capital gains included in 2024 income eligible for capital gains deduction =  M
 
Enter whichever is the least: line 18 of Step 1, line 17 of Step 2 or amount M above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2022, are not bringing a reserve into your 2024 income for any disposition of QFFP or QSBCS after 2022, and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  N
 
If you are reporting a reserve in 2024 from a disposition of QFFP in 2022 and amount E above is equal to or less than the amounts on line 18 of Step 1, line 17 of Step 2, and amount M above, and you want to claim the additional deduction, complete Part 2 of Chart 2022 on the next page.
 
     
(2022-1) If you claimed a capital gains deduction for other eligible capital gains from 2022 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2022 , plus
  • amount of all capital gains deductions you have already claimed from 2022 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2022 to 2023,
    minus 1/2 of the maximum LCGE increase allowed for the other gains from 2022 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
21
  Protected B when completed
Chart 2022 - Capital gains deduction

Part 2 - Qualified farm or fishing property (QFFP)

Complete this chart if you meet both of the following conditions:

  • You disposed of QFFP in 2022 or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the QFFP was disposed of in 2022
  • Amount E in Part 1 is equal to or less than all of the following amounts:
    • your annual gains limit for 2024 from line 18 in Step 1
    • your cumulative gains limit for 2024 from line 17 in Step 2
    • the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from amount M in Part 1 of Chart 2022

Note
For 2022, there is an additional $43,185 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $456,815 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares (QSBCS).
                         
Maximum capital gains deduction for QFFP disposed of in 2022  A
Enter amount M from Part 1 of Chart 2022 -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 (2022-1) -  D
Capital gains deduction available for QFFP disposed of in 2022 included in your 2024 income:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2022 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2022) (if negative, show in brackets) = x 1/2 =    F
Amount included in box 30 of a 2024 T3 slip and the footnote area indicates the QFFP was disposed of in 2022 x 1/2 = +  G
Amount F plus amount G =  H
 
Enter whichever is less: amount E or amount H.  I
Enter amount B from above. +  J
Amount I plus amount J =  K
 
Enter whichever is less: amount H or amount K. Total amount of capital gains included in 2024 income eligible for capital gains deduction =  L
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount L above.
If you are not disposing of QFFP or QSBCS in 2024 and are not bringing a reserve into your 2024 income for any disposition after 2022, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  M
 
     
(2022-1) If you claimed a capital gains deduction for other eligible capital gains from 2022 to 2023, complete the following calculation instead:
  • amount from line k of Chart 2 of your Form T657 for 2022 , plus
  • amount of all capital gains deductions you have already claimed from 2022 to 2023 for this reserve, plus
  • amount of capital gains deductions that you claimed for other gains (not the reserve) from 2022 to 2023,
    minus 1/2 of the maximum LCGE increase allowed for the other gains from 2022 to the year that the other gains are reported
    (if negative, use "0")
Enter the result at amount D above.
 
 
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Chart 2023 - Capital gains deduction

Part 1 - Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Complete this chart if you disposed of QFFP or QSBCS in 2023, or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the property was disposed of in 2023.

                         
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2023  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from 2015 to 2022. If you did not complete charts for 2015 to 2022, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 -  D
Capital gains deduction available for QFFP and/or QSBCS disposed of in 2023 and included in your 2024 income: amount C minus amount D (if negative, enter "0") =  E
 
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2023 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2023) (if negative, show in brackets) =  F 
Line 14 of Form T2017   
Reserves from dispositions of QSBCS in any year other than 2023 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS in any year other than 2023) (if negative, show in brackets) =  G 
Taxable capital gains from a reserve on QFFP and/or QSBCS disposed of in 2023 included in your 2024 income:
Amount F plus amount G (if negative, enter "0").		 x 1/2 =  H
Amount included in box 30 of a 2024 T3 slip and the footnote area indicates the property was disposed of in 2023 x 1/2 = +  I
Amount H plus amount I =  J
 
Enter whichever is less: amount E or amount J.  K
Enter amount B from above. +  L
Amount K plus amount L Total amount of capital gains included in 2024 income eligible for capital gains deduction =  M
 
Enter whichever is the least: line 18 of Step 1, line 17 of Step 2 or amount M above.
If you are not reporting a reserve in 2024 income from the disposition of QFFP in 2023 and are not disposing of QFFP or QSBCS in 2024, this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  N
 
f you disposed of QFFP in 2024 and amount E above is equal to or less than the amounts on line 18 of Step 1, line 17 of Step 2, and amount M above, and you want to claim the additional deduction, complete Part 2 of Chart 2023 on the next page.
 
 
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Chart 2023 - Capital gains deduction

Part 2 - Qualified farm or fishing property (QFFP)

Complete this chart if you meet both of the following conditions:

  • You disposed of QFFP in 2023 or are reporting an amount included in box 30 of a 2024 T3 slip and the footnote area indicates that the QFFP was disposed of in 2023
  • Amount E in Part 1 is equal to or less than all of the following amounts:
    • your annual gains limit for 2024 from line 18 in Step 1
    • your cumulative gains limit for 2024 from line 17 in Step 2
    • the total amount of capital gains included in your 2024 income that is eligible for the capital gains deduction from amount M in Part 1 of Chart 2023

Note
For 2023, there is an additional $14,405 to the capital gains deduction limit that can only be used after your cumulative capital gains deduction of $485,595 has been used up. This additional amount does not apply to dispositions of qualified small business corporation shares (QSBCS).
                         
Maximum capital gains deduction for QFFP disposed of in 2023  A
Enter amount M from Part 1 of Chart 2023 -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 -  D
Capital gains deduction available for QFFP disposed of in 2023 included in your 2024 income:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Taxable capital gains arising from dispositions of QFFP in 2023 included in your 2024 income:
Line 6 of Form T2017   
Reserves from dispositions of QFFP in any year other than 2023 -   
Amount from line 6 of Form T2017 (do not include reserves from dispositions of QFFP in any year other than 2023) (if negative, show in brackets) = x 1/2 =    F
Amount included in box 30 of a 2024 T3 slip and the footnote area indicates the QFFP was disposed of in 2023 x 1/2 = +  G
Amount F plus amount G =  H
 
Enter whichever is less: amount E or amount H.  I
Enter amount B from above. +  J
Amount I plus amount J =  K
 
Enter whichever is less: amount H or amount K. Total amount of capital gains included in 2024 income eligible for capital gains deduction =  L
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount L above.
If you are not disposing of QFFP or QSBCS in 2024 this is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  M
 
 
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Chart 2024 - Capital gains deduction

Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Period 1 - Capital gains between January 1 and June 24, 2024

Complete this chart if you disposed of QFFP or QSBCS in Period 1 of 2024.

                         
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2024 for Period 1  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from 2015 to 2023. If you did not complete charts for 2015 to 2023, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 -  D
Capital gains deduction available for dispositions of QFFP and/or QSBCS:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Taxable capital gains arising from dispositions of QFFP and/or QSBCS for Period 1 included in your 2024 income:
 
Amount from line 10684 of Schedule 3 (do not include capital gains reported in box 30 of a T3 slip relating to dispositions of QSBCS before 2024.)  F
Amount from line 10686 of Schedule 3 (do not include capital gains reported in box 30 of a T3 slip relating to dispositions of QFFP before 2024)  G
Amount from line 10688 of Schedule 3  H
Line 6 of Form T2017   
Reserves from dispositions of QFFP before 2024 -   
Amount from line 7 of Form T2017 (do not include reserves from dispositions of QFFP before 2024 (if negative, show in brackets) =  I
Line 14 of Form T2017   
Reserves from a dispositions of QSBCS before 2024 -   
Amount from line 14 of Form T2017 (do not include reserves from dispositions of QSBCS before 2024) (if negative, show in brackets) =  J
Add amounts F to J (if negative, enter "0").   x 1/2 =     K
 
Enter whichever is less: amount E or amount K.  L
Enter amount B from above. +  M
Amount L plus amount M Total amount of capital gains included in 2024 income eligible for capital gains deduction =  N
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount N above.
This is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  O
 
         
 
 
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Chart 2024 - Capital gains deduction

Qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS)

Period 2 - Capital gains from June 25 to December 31, 2024

Complete this chart if you disposed of QFFP or QSBCS in in Period 2 of 2024.

                         
Maximum capital gains deduction for QFFP and/or QSBCS disposed of in 2024 for Period 2  A
Enter the last amount that you calculated for "Total amount of capital gains included in 2024 income eligible for the capital gains deduction" from 2015 to 2024. If you did not complete charts for 2015 to 2024, enter "0". -  B
Amount A minus amount B =  C
Capital gains deductions from previous years from line 19 of Chart 2 -  D
Capital gains deduction available for dispositions of QFFP and/or QSBCS:
Amount C minus amount D (if negative, enter "0")		 =  E
 
Taxable capital gains arising from dispositions of QFFP and/or QSBCS for Period 2 included in your 2024 income:
 
Amount from line 10700 of Schedule 3  F
Amount from line 11000 of Schedule 3 +  G
Amount from line 12400 of Schedule 3 +  H
Add amounts F to H (if negative, enter "0"). =  I
Amount from line 30 of Form T2017 -  J
Amount I minus amount J (if negative, enter "0") =  K
Amount from line 33 of Form T2017 =  L
Amount K minus amount L (if negative, enter "0") =   x 1/2 =     M
 
Enter whichever is less: amount E or amount M.  N
Enter amount B from above. +  O
Amount N plus amount O Total amount of capital gains included in 2024 income eligible for capital gains deduction =  P
 
Enter whichever amount is the least: line 18 of Step 1, line 17 of Step 2 or amount P above.
This is the maximum amount you can claim on line 25400 of your 2024 return. However, you can choose to claim less.		  Q
 
         
 
 
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Chart 1 - Calculate your net capital losses of other years (line 12 of Step 2)

Use the instructions for each column to complete the table below.

   
Column A:
Enter the total amount of net capital losses of other years claimed for each year indicated from line 253 or 25300 of each return.
 
Column B:
For 1985, 1986, and 1987, enter 1/2 of total reserves included in capital gains for capital property disposed of before 1985
(1/2 of those reserves reported on your Schedule 3 for 1985, 1986, and 1987).
For 1988 and 1989, enter 2/3 of total reserves included in capital gains for capital property disposed of before 1985
(2/3 of the amount entered on line 395 of Form T2017 for 1988 and 1989).
For 1990 and 1991, enter 3/4 of total reserves included in capital gains for capital property disposed of before 1985
(3/4 of the amount entered on line 395 of Form T2017 for 1990 and 1991).
 
Column C:
For 1992, enter whichever amount is less: line 127 of your 1992 return or the amount from line (f) in Part A of Form T936 for 1992.
For 1993, enter whichever amount is less: line 127 of your 1993 return or the amount from line (d) in Chart A of Form T936 for 1993.
For 1994, enter the amount from line (p) in Chart B of Form T936 for 1994.
For 1995, enter the amount from line (m) in Chart B of Form T936 for 1995.
For 1996 to 1999, enter the total amount from line 17 in Chart A of Form T936 for 1996 to 1999.
For 2000, enter the amount from line 24 in Chart A of Form T936 for 2000.
For 2001, enter the total amount from line 17 in Chart A of Form T936 for 2001.
For 2002 to 2017, enter the amount from line 10 in Chart A of Form T936 for 2002 toFor 2002 to 2017, enter the amount from line 10 in Chart A of Form T936 for 2002 to 2017.
For 2018 to 2023, enter the amount from line 9 in Chart A of Form T936 for 2018 to 2023.
 
Column D:
For 1992, enter the amount from line (k) in Part B of Form T936 for 1992.
For 1993, enter the amount from line (k) in Chart B of Form T936 for 1993.
 
Net capital losses of other years
 Year(s)  A B C D E
(C - D)
If negative, enter "0"		 F
(B + E)		 G
(A - F)
If negative, enter "0"
1985 to 1987 N/A N/A N/A
1988 and 1989 N/A N/A N/A
1990 and 1991 N/A N/A N/A
1992 N/A
1993 N/A
1994 N/A N/A
1995 N/A N/A
1996 to 1999 N/A N/A
2000 N/A N/A
2001 to 2023 N/A N/A

Add the amounts in column G and enter the result on line 12 of Step 2.
Total
 
Note: Due to limited space, some years have been combined on a single row. However, you should complete a separate calculation for each year that applies to you to ensure a correct result.
 
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Chart 2 - Calculate you capital gains deductions from previous years (2015 to 2023)
 
Total capital gains deductions claimed after 1984 and before 1988
Amount from line 254 of your 1985 to 1987 returns		  1
Capital gains deductions claimed in 1988 and 1989 (excluding eligible capital property):
Amount from line 254 of your 1988 and 1989 returns minus any amounts reported on lines 543 and 544 of Schedule 3 for 1988 and 1989 (if negative, enter "0")		 +  2
Line 1 plus line 2 =  3
Adjustment of 1988 and 1989 capital gains deductions excluding eligible capital property:
Amount from line 2 x 1/4 = -  4
Line 3 minus line 4 (if negative, enter "0") =  5
Capital gains deductions claimed in 1988 and 1989 for eligible capital property:
Total of lines 254 of your 1988 and 1989 returns minus amount from line 2 above
(cannot be more than the total of lines 543 and 544 of Schedule 3 for 1988 and 1989)		 +  6
Line 5 plus line 6 =  7
Adjustment of 1988 and 1989 capital gains deductions for eligible capital property:
Amount from line 6 x 1/3 = -  8
Line 7 minus line 8 (if negative, enter "0") =  9
Total capital gains deductions claimed in 1990 to 1999:
Amount from line 254 of your returns for 1990 to 1999		 +  10
Line 9 plus line 10 =  11
Adjustment of 1990 to 1999 capital gains deductions:
Amount from line 10 x 1/3 = -  12
Line 11 minus line 12 (if negative, enter "0") =  13
Total capital gains deduction claimed in 2000:
Amount from line 254 of your 2000 return		 +  14
Line 13 plus line 14 =  15
Adjustment of 2000 capital gains deduction:
IR 
Amount from line 14 x [1 - (1÷(2xIR))] =  (2) -  16
Line 15 minus line 16 (if negative, enter "0") =  17
Total capital gains deduction claimed in 2001 to 2023:
Amount from line 254 of your 2001 to 2018 returns and line 25400 of your 2019 and later returns		 +  18
Capital gains deductions from previous years:
Line 17 plus line 18 =  19
                               
     
(2) Your "IR" is your inclusion rate for 2000 from line 16 in Part 4 of your Schedule 3 for 2000 or on your notice of assessment or latest notice of reassessment for 2000.