T1
428 Provincial tax and credits
In order to comply with Revenu Québec's requirements for the 2022 tax season, we have made the necessary changes from version 26.12 so that the tax credit for a labour-sponsored fund cannot exceed $750. However, as of April 4, 2023, Revenu Québec has made changes again regarding error code CO424T to revert the maximum credit for line 424 to $1,000.Your client may be entitled to a credit of up to $1,000 if he or she had Fondaction contributions (RL-10 slip) prior to June 1, 2021, and the credit was carried forward in full to 2022; or if a combination of a portion of the credit was carried forward from 2021 with Fondaction or FTQ contributions in 2022.If your client's credit exceeds the $750 amount that was established by Revenu Québec, please use the keyword Override to enter the appropriate amount on line 424 (this amount cannot exceed $1,000). |