This schedule must be used by corporations that are subject to Ontario corporate minimum tax (CMT). A corporation will be subject to CMT if the total assets equals or exceeds $50,000,000* and if the total revenue equals or exceeds $100,000,000*. Note that if the taxation year is less than 51 weeks, the total revenue will have to be multiplied by 365 days and divided by the number of days in the taxation year. The program will do this gross-up for the filing corporation’s total revenue, but you will have to do the necessary adjustments for the share of total revenue from the partnership(s) and the joint venture(s) and for the portion of total revenue from an associated corporation.
If a corporation is not subject to CMT, it will still have to file this schedule if it is in one of the following situations:
- it claims a CMT credit;
- it has a CMT credit to carry forward to a subsequent year;
- it has a CMT loss to carry forward to a subsequent year; or
- it has a current-year CMT loss.
* For taxation years ending before July 1, 2010, a corporation will be subject to CMT if the total assets exceeds $5,000,000 or if the total revenue exceeds $10,000,000.
Summary and Analysis Tables
You will find three summary and analysis tables at the end of this schedule. The first table is for the CMT credits available for carryforward. Credits earned in the taxation years following the 11th taxation year preceding the first taxation year ended after December 31, 2008, can be carried forward over 20 years.
The last two tables are for the CMT losses available for carryforward. If a loss has been incurred in a taxation year ending before March 23, 2007, the carryforward period is 10 years. If a loss has been incurred in a taxation year ending after March 22, 2007, the carryforward period is 20 years.