If you purchased shares from a qualifying venture capital fund in 2018 or within the first 60 days of 2019, you received a Certificate NL VCTC, and you are a resident of Newfoundland and Labrador, you can claim the Newfoundland and Labrador (NL) venture capital tax credit.
You can claim up to a lifetime maximum of $75,000 of your investments to help reduce your provincial tax payable. Your Certificate NL VCTC will show you the credit amount you can claim.
If your credit is more than your provincial tax payable, you can carry any unused amounts forward up to 7 years to claim on a future return or carry it back 3 years (you can’t apply the credit to a year before 2015). Refer to your notice of assessment (NOA) or reassessment to find out if you have any unused credits from a previous year.
If you choose to print and mail in your return, make sure to include your Certificate NL VCTC. If you’re filing your return electronically, keep your certificate with your records in case the Canada Revenue Agency (CRA) asks to see it later.
Where do I claim this?
Follow these steps in H&R Block's 2018 tax software:
Before you begin, make sure you tell us that you lived in Newfoundland and Labrador on December 31, 2018.
- Under the PREPARE tab, click the IN THIS SECTION icon.
- In the Investments box, click the Add This Topic button.
- Click the PENSION PLANS AND INVESTMENTS icon. You'll find yourself here:
- Under the INVESTMENT INCOME heading, select the checkbox labelled NL venture capital tax credit, then click Continue.
- When you arrive at the page for your NL venture capital tax credit, enter your information into the tax software.