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Form T480 is a Canadian tax form used to report resource taxation for the taxation year. It is specifically for taxpayers who have received investments in flow-through shares and qualified investments by provincially-registered mining corporations. This form is used to calculate and report any deemed disposition, recapture, and deductions related to these investments.

Form T480 is required to be filed by individuals who are claiming the federal adoption expense tax credit in Canada.

Form T480 is used by individuals who wish to claim a deduction for a previous year's capital gains or election out of the 60-month capital gains reserve. Here is a step-by-step guide on how to fill out the form: 1. Begin by providing your personal information in the top section of the form. This includes your name, social insurance number, and current address. 2. Move on to Part 1 - Calculation of Amounts to Transfer. In this section, you need to provide details about the capital gains you realized in the previous year, the year you want to apply the deduction to, and the amount of capital gains reserve balance you wish to claim. 3. Calculate the amounts to be transferred from the Adjusted Cost Base (ACB), Proceeds of Disposition, and Outlays and Expenses. Fill in these amounts in the appropriate boxes. 4. If you received capital property as a gift or inheritance, you may have to reduce your capital gains. Complete the required calculations in Part 2 - Reduction of Capital Gains. 5. Next, proceed to Part 3 - Calculation of Capital Gains Deduction. Input the eligible capital gains deduction you wish to claim on line 460 of your federal Schedule 3. Complete the calculations as instructed to determine your allowable capital gains deduction. 6. Lastly, in Part 4 - Calculation of Part XII.2 Tax (60-month capital gains reserve), you need to include the amounts previously claimed and the result of your calculations. 7. Complete the Certification section at the bottom of the form, ensuring you sign and date it. Remember to review your completed form for any errors or omissions before submitting it to the Canada Revenue Agency (CRA). It is also recommended to consult with a tax professional for any specific questions or concerns related to your tax situation.

Form T480 is related to the Self-employed Business, Professional, Commission, Farming, and Fishing Income. It is used to report the income and expenses for self-employed individuals in Canada. The information that must be reported on this form includes: 1. Personal information: Your name, social insurance number, and contact details. 2. Gross professional income: The total amount you earned from your self-employment activities before deducting any expenses. 3. Gross farming fishing income: The total amount you earned from farming or fishing activities before deducting any expenses. 4. Gross commission income: The total amount you earned from commission-based work before any deductions. 5. Gross business income: The total amount you earned from your business activities before deducting any expenses. 6. Net income: The amount of income you earned after deducting all allowable business expenses from your gross income. 7. Expenses: Detailed breakdown of the expenses you incurred in generating your self-employment income, such as vehicle expenses, business-related travel expenses, office expenses, advertising expenses, etc. 8. Capital cost allowance: If you have claimed any capital cost allowance for depreciable property used for your self-employment activities, you need to report it here. 9. Partnership income: If you are a partner in a business, you need to report your share of the partnership income. 10. Foreign income: If you earned any income from foreign sources, you need to report it separately. 11. Social benefits repayment: If you received any social benefits (such as EI or CPP benefits) that you have to repay, you may need to report the repayment amount. 12. Provincial or territorial taxes: Some provinces and territories have their own tax rates and credits, and you may need to report the amounts specific to your province or territory. It is advisable to consult the Canada Revenue Agency (CRA) or a tax professional for accurate guidance and specific requirements when completing form T480.

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