Yukon Labour-Sponsored Venture Capital Corporation Tax Credit

What’s in this article?

 

What is this?

The Yukon Labour-Sponsored Venture Capital Corporation Tax Credit is a refundable tax credit that you can claim if you made an eligible investment in the Fireweed Fund Corporation during the tax year or in the first 60 days of the following year.

The credit is shown on a tax credit certificate issued by the Fireweed Fund Corporation. The maximum annual amount you can claim is $1,250; any unused amount can be carried back 3 years or carried forward up to 7 years. You are also eligible to claim a maximum federal labour-sponsored funds tax credit of $750. Refer to your Notice of Assessment (NOA) or Notice of Reassessment for any unused credit amounts.      

 

Am I eligible?

You are eligible to claim this credit if:

  • You are a resident of Yukon on December 31;
  • You made eligible investments in the Fireweed Fund Corporation during the tax year or during the first 60 days of the following year; and
  • You received a tax credit certificate showing the credit amount that you can claim.

 

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 have told us that you lived in the YUKON 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, continue to follow these steps to claim your Yukon Labour-Sponsored Venture Capital Corporation Tax 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, click the checkbox labelled Yukon labour-sponsored venture capital corporation tax credit.
  7. Scroll to the bottom of the page and click Continue.

When you arrive at the page for the Yukon labour-sponsored venture capital corporation tax credit, enter your information into the tax software.

 

Where can I learn more?