Deduction Summary as per Paragraph 20(1)(e) of the ITA

Each expense entered in the new Form Deduction as per Paragraph 20(1)(e) of the ITA (Jump Code: FINANCING) will be updated to the summary.

This form will provide you with a complete list of all expenses, from which you can quickly access data for each expense concerned.

Total amount of deductible expenses in the summary

The total amount of deductible expenses in the “Federal” section will be updated to line 395, Deduction as per paragraph 20(1)(e)of the ITA, in Schedule 1, Net Income (Loss) for Income Tax Purposes (Jump Code: 1).

The total amount of deductible expenses in the “Federal” section will be updated to line 041g of the Federal Dollar Amount column in the AT1 Schedule 12, Alberta Income/Loss Reconciliation (Jump Code: A12), if applicable, pursuant to the regulations related to this schedule.

The total amount of deductible expenses in the “Alberta” section will be updated to line 040g of the Alberta Dollar Amount column of the AT1 Schedule 12, if applicable, pursuant to the regulation related to this schedule.

The total amount of deductible expenses in the “Québec” section will be updated to line 150f of Schedule CO-17.A.1, Net Income for Income Tax Purposes (Jump Code: Q1).

For more details with respect to these lines, consult the help topics specific to the related schedules.

Question Do you want to display the applicable provincial summaries?

Answering “Yes” to the question Do you want to display the applicable provincial summaries? allows you to display each data summary for the jurisdiction concerned. Jurisdictions for which a summary table is displayed are identified by the program (Alberta and/or Québec). However, note that the summary tables display only when Québec and/or Alberta are selected on line 750 of the Identification form.

Alberta

Deduction Summary as per Paragraph 20(1)(e)of the ITA (under section 8 of the Alberta Corporate Tax Act)

Québec

Deduction Summary as per Paragraph 20(1)(e)of the ITA (under section 147 or 176 of the Québec Taxation Act)

Data roll forward

The answer to the question Do you want to display the applicable provincial summaries? will be retained when data is rolled forward on Form Deduction as per Paragraph 20(1)(e) of the ITA.

Applicability of the form

This form is applicable as soon as expenses incurred during the year or a preceding taxation year are present on the form.

See also

Deduction as per paragraph 20(1)(e) of the ITA

IT-341R4 – Expenses of Issuing or Selling Shares, Units in a Trust, Interests in a Partnership or Syndicate and Expenses of Borrowing Money

Schedule 1, Net Income (Loss) for Income Tax Purposes

AT1 Schedule 12, Alberta Income/Loss Reconciliation

CO-17.A.1, Net Income for Income Tax Purposes