Part VI tax
This schedule is for any corporation that is or was a financial institution during the year.
Part VI tax corresponds to 1.25% of the portion of taxable capital in excess of the capital deduction for the year.
Capital deduction
The capital deduction for the year is of 1 billion.
Note: The capital deduction must be allocated between the members of the group. To do so, you must produce Schedule 39 and the capital deduction of the corporation will be the deduction attributed to the financial institution in Schedule 39.
Part VI tax reduction
A corporation can reduce Part I tax from the tax payable according to Part VI. This deduction is called “Part I tax credit.” A corporation can deduct its unused Part I tax credits from its Part VI tax during one of its three preceding taxation years and the seven subsequent taxation years.