T1297 : Newfoundland and Labrador resort prop​erty investment tax credit (Individuals)

What’s in this article?

 

What is this?

The Newfoundland and Labrador Resort Property Investment Tax Credit is a non-refundable tax credit and is claimable if you have invested in a registered resort development property during the tax year. The tax credit can be used to reduce your Newfoundland and Labrador tax payable.

The maximum credit you can claim is $50,000 per tax year including any unused amounts from other years. Unused credit amounts can be carried forward seven years or back three years.

Your credit amount for the tax year is on the NL RPITC receipt(s) you received and any unused credit amount is shown on your previous year’s Notice of Assessment or Reassessment.  

 

Am I eligible?

You may be eligible for this tax credit if:

  • As a qualifying investor you made eligible investments in a registered resort development property in the tax year;
  • Received an official NL RPITC receipt(s); and
  • Were at least 19 years of age at the time you made the investment.

 

Where do I claim this?

Follow these steps in H&R Block’s tax software to file your 2015 taxes:

Important: Before you begin, ensure that you told us that you lived in NEWFOUNDLAND AND LABRADOR on December 31st of the 2015 tax year, in H&R Block’s tax software. To do this:

  1. Click the HOME tab.
  2. Click the ABOUT YOU icon, and click the Your residence link. You will find yourself here:

Once you have confirmed your residence location, claim the Newfoundland and Labrador resort property investment tax credit by following these steps:

  1. Click the PREPARE tab.
  2. Click the YOUR YEAR IN REVIEW icon. You will find yourself here:
  3. Click the checkbox labelled I had investments.
  4. Scroll to the bottom of the page and click Continue.
  5. Click the RRSPS AND INVESTMENTS icon. You will find yourself here:
  6. Under the RESOURCE INCOME AND CREDITS heading, click the checkbox labelled Newfoundland and Labrador resort property investment tax credit (T1297).
  7. Scroll to the bottom of the page and click Continue.

When you arrive at the Newfoundland and Labrador resort property investment tax credit (T1297) page, enter your information into the tax software.

 

Where can I learn more?