What’s in this article?
The Saskatchewan Labour-sponsored venture capital corporation tax credit is a non-refundable tax credit which helps reduce provincial income tax payable. It can be claimed for investments in funds or pools of capital containing provincially registered labour-sponsored venture capital (LSVC) corporation shares.
You can claim a credit if the investment was made during the tax year or in the first 60 days of the following year. The credit will be shown on a T2C (Sask.) slip issued by the Ministry of the Economy. While you are eligible to receive both a provincial and federal tax credit for this investment, the maximum credit amount that can be claimed in a year cannot exceed $1,000.
You are eligible to claim a credit for investment, if you are a resident of Saskatchewan on December 31st and purchased shares in a provincially registered LSVC corporation in the tax year or in the first 60 days of the following year. You must have also received a T2C (Sask.) slip showing the credit.
Follow these steps in H&R Block’s tax software to file your 2015 taxes:
Important: Before you begin, ensure that you told us you lived in SASKATCHEWAN 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 claimed your residence location, continue to follow these steps to claim your credit:
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 & INVESTMENTS icon. You will find yourself here:
6. Under the INVESTMENT INCOME (OR LOSS) heading, select the checkbox labelled Saskatchewan labour-sponsored venture capital tax credit.
7. Scroll to the bottom of the page and click Continue.
When you arrive at the page for the Saskatchewan labour-sponsored venture capital tax credit, enter your information into the tax software.
- Labour sponsored Venture Capital Program (Government of Saskatchewan website)
- Lines 59 to 61 – Labour-sponsored venture capital tax credit (CRA website)
- Lines 413 and 414 – Labour-sponsored funds tax credit (CRA website)