T1 - Tax on Split Income Calculator
Use this form to calculate your tax on split income if you meet all of the following conditions:
- you were born in 1998 or later (or you claimed a reserve on line C on your 2014 Form T1206);
- you were a non-resident at no time in 2015;
- you have a parent who was resident in Canada at any time in 2015; and
- you reported on your 2015 return, split income as described below.
See tax notes below calculator for further information on the use of this calculator and split income calculations.
Split income includes the following amounts:
shareholder benefits (other than from ownership of shares of a class listed on a prescribed stock exchange) conferred on you, whether directly or through a partnership or trust (other than a mutual fund trust);
taxable amount of dividends (eligible and other than eligible) from ownership of shares of a corporation (other than from shares of a class listed on a prescribed stock exchange and those of a mutual fund corporation), whether received directly or through a partnership or trust (other than a mutual fund trust);
If you dispose of shares to a person with whom you do not deal at arm's length, and dividends on the shares would be subject to the tax on split income, then the capital gain arising from the disposition is deemed to be a taxable dividend. The deemed dividend is not an eligible dividend. If this applies to you, complete the calculation below.
income you received from a partnership or trust (other than a mutual fund trust) that came from income that a partnership or trust earned from providing property or services to, or in support of, a business carried on by:
- a person related to you at any time in 2015;
- a corporation of which one of your relatives was a specified shareholder at any time in 2015; or
- a professional corporation of which one of your relatives was a shareholder at any time in 2015; and
income you received from a business or rental property of a partnership or trust (other than a mutual fund trust), if a person who is related to you at any time in the year:
- actively participates on a regular basis in the activity of the partnership or trust of earning that income; or
- in the case of a partnership, has an interest in the partnership directly or indirectly through another partnership.
Split income does not include the income described above from property you inherited from a parent. It also does not include the income described above from property you inherited from anyone else provided you were either enrolled as a full-time student at a post-secondary educational institution in 2015, or you were eligible to claim the disability amount for 2015.
Attach a completed copy of this form to your return.
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