With the Alberta stock savings plan (ASSP), you (the investor) purchase eligible shares which are given to a dealer to hold for you. You can claim a tax credit to lower your Alberta tax payable for your investments with the T89: Alberta stock savings plan tax credit.
To qualify, your shares must have been acquired before December 31, 1989, unless they meet prescribed conditions and were acquired to replace withdrawn shares. Your shares are eligible for an ASSP if it’s issued by an eligible corporation and for which a Certificate of Eligibility has been issued.
If you weren’t dealing at arm’s length with the corporation at any time during the year before you purchased your shares, those shares aren’t eligible for an ASSP tax credit. Also, a trust or corporation won’t be eligible to claim an ASSP tax credit either.
Where do I claim this?
Follow these steps in H&R Block’s tax software to file your 2016 taxes:
Before you begin, make sure that you told us that you lived in ALBERTA on December 31st of the 2016 tax year, in H&R Block’s tax software.
- Under the PREPARE tab, click the LET'S TALK ABOUT 2016 icon.
- Select the checkbox labelled I had investments and/or investment income, or I bought and/or sold property.
- You’ll find yourself under the PENSION PLANS AND INVESTMENTS icon.
- Under the RESOURCE INCOME AND CREDITS heading, select the checkbox labelled Alberta stock savings plan tax credit (T89).
- When you arrive at the page for the Alberta stock savings plan tax credit, enter your information into the tax software.
