Tax credit relating to a labour-sponsored fund - T5006You may be able to claim a credit on a labour-sponsored fund if, between January 1st, 2021 and March 1st, 2022, you acquired approved shares of a prescribed Registered Labour Sponsored Venture Capital Corporation (LSVCC).
For more information, please visit the following links:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-413-414-labour-sponsored-funds-tax-credit.html
To enter your contributions to a labour-sponsored fund, please follow these steps:1. On the left side menu of the " Interview " tab, select the "Interview Setup" topic.
2. On the screen to your right, go to the " Common tax deductions " group, check the box " RRSP, HBP, LLP, other plans and funds " and click "Next" at the bottom of the page.
3. Return to the left side menu on the " Interview " tab and select "HBP, LLP and other plans and funds''.
4. On the page that appears to the right, go to the group "Other retirement funds" click the plus sign "+" icon to the right of the line "T5006 - Registered labour-sponsored venture capital corporation" and enter required information.
Effective January1, 2017, the tax creditor the purchase of shares of federally registered labour-sponsored venturecapital corporations has been eliminated.
NOTE: It is possible that your province or territory offer a similar credit. If a credit for fund is claimed at both federal and provincial, you need to mention it
The federal credit will be carried over by the program to line 41400 of federal tax return, if required.
If applicable, your provincial tax credit will be reported on your provincial Form 428.
The program will carry over your credit, as appropriate, if you need it to reduce your federal or provincial amount of tax payable.
ID: 20211028143434CA.xml
Webpage: KPA390-20211028143434CA.htm