Lines 41300 and 41400 - Labour-sponsored funds tax credit
You may be able to claim this credit if you became the first registered holder to acquire or irrevocably subscribe to and pay for an approved share of the capital stock of a provincially registered labour-sponsored venture capital corporation (LSVCC) from January 1, 2020, to March 1, 2021.
If you became the first registered holder of an approved share from January 1, 2020, to March 2, 2020, and did not claim the whole credit for it on your 2019 return, you can claim the unused part on your 2020 return.
If you became the first registered holder of an approved share from January 1, 2021, to March 1, 2021, you can claim any part of the credit for that share on your return for 2020 and the unused part on your return for 2021.
Enter the net cost of your acquisition of provincially registered shares of a labour-sponsored venture capital corporation on line 41300 of your return. Net cost is the amount you paid for your shares, minus any government assistance (other than federal or provincial tax credits) on the shares.
Claim the amount of your allowable credit on line 41400 of your return to a maximum of $750.
The allowable credit is 15% of the lesser of:
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$5,000
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the net cost reported on line 41300 of your return
Note
If the first registered holder of the share is an RRSP for a spouse or common-law partner, the RRSP contributor or the annuitant (recipient) can claim this credit for that share.
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See the Taxnet Pro™ T1 Line-by-Line Guide (subscription required): Lines 41300 and 41400 - Labour-sponsored funds tax credit |
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