Tax credit relating to a labour-sponsored fund -
T5006
You 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
