Line 68 - Direct equity tax credit
You can claim this credit for investments in eligible shares you acquired in 2020 (that you did not claim on your 2019 return) or in the first 60 days of 2021.
How to claim this credit
Complete Form T1272, Newfoundland and Labrador Direct Equity Tax Credit. The maximum credit you can claim is $50,000 per tax year including any unused amounts from other years.
Supporting documents
If you are filing a paper return, attach your Form T1272 and your NL DETC-1 receipts.
Unused direct equity tax credit
You can carry forward your unused Newfoundland and Labrador direct equity tax credits for seven years or carry them back three years.
Any unused direct equity tax credit is shown on your last notice of assessment or reassessment.
You may not need all of your credit to reduce your 2020 Newfoundland and Labrador income tax to zero. Use Form T1272 to calculate any unused credit available to carry back to previous years or carry forward to a future year.
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