If you’re a resident of Newfoundland and Labrador, at least 19 years of age, and you invested in a registered resort development property during the year, you might be able to claim the Newfoundland and Labrador resort property investment tax credit.
With this non-refundable tax credit, you can claim up to $50,000 per year to reduce your Newfoundland and Labrador tax payable. This maximum includes any unused amounts from previous years as shown on your most recent notice of assessment (NOA).
Note: Any unused credits amounts can be carried forward 7 years or back 3 years to reduce your taxes for the year you’re carrying the amount forward or back to. Keep in mind, if you’re carrying back your credit amount to one of the three previous tax years, the total of the carry back amount plus any credit you claimed in that year, can’t be more than $50,000.
If you’re filing a paper return, you’ll need to attach a copy of your official NL RPITC receipt. If you’re filing electronically, make sure you keep all your supporting documents in case the Canada Revenue Agency (CRA) asks to see them later.
Where do I claim this?
Follow these steps in H&R Block’s 2018 tax software:
Before you begin, make that you told us that you lived in Newfoundland and Labrador on December 31, 2018.
- On 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 RESOURCE INCOME AND CREDITS heading, select the checkbox labelled Newfoundland and Labrador resort property investment tax credit (T1297), then click Continue.
- When you arrive at the page for the Newfoundland and Labrador resort property investment tax credit, enter your information into the tax software.