Undeducted Labour-sponsored funds shares -
Federal
If you became the first registered holder of approved shares
in the first 60 days of 2021 and did not claim the
whole credit for them on
your X~TAX_YEAR_MINUS_1~X return,
you can claim the unused part of the credit on
your 2021 tax return.
If you want to claim the unused credit this year, please follow
the steps below:
1 - On the "Left side menu on the Interview tab", select
"Other information slips" (about half-way down the left side
menu).
2. On the screen to your right, click on
the plus "+" icon to the right of the line
"RL-10 - Quebec labour-sponsored tax credit (FTQ)" or
"RL-10 - Quebec labour-sponsored tax credit
(Fondaction)".
3. On the page that appears, on the "Period" line, leave
the drop-down menu blank.
4. Go to the section, at the bottom of the page, and according
to the option you chose in point 2
"Unclaimed FTQ shares from prior years" or
"Unclaimed FONDACTION shares from prior years".
5. Select the line "Federal cost of shares acquired in first
60 days of 2021 " and enter the value of the shares that
have not been deducted in the previous year.
6. Since you are simply claiming an unused credit carried
forward, you do not have to enter any other information.
The program will report the credit on line 41400 of Step
5 of the federal tax return, but only if required to reduce
your tax payable.
For more information, please visit the following link:
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
ID: 20201102123841NAX.xml
Webpage: KPA310-20201102123841NA.htm
