Schedule 42, Calculation of Unused Part I Tax Credit
This schedule can be used by financial institutions that want to calculate their unused Part I tax credit or that want to request the carryback of an unused Part I tax credit.
Subsection 190(1) of the Canada Income Tax Act defines the term “financial institution.”
Any unused Part I tax credit can be carried back three years and carried forward seven years by being applied in order of the oldest first.