Yukon Labour-Sponsored Venture Capital Corporation Tax Credit

As a resident of the Yukon territory, did you make an eligible investment in the Fireweed Fund Corporation in 2016 or within the first 60 days of 2017? If you did, you might be able to claim the Yukon labour-sponsored venture capital (LSVC) corporation tax credit.

If eligible, you’ll be able to claim a refundable tax credit equal to 25% of your investment (up to $1,250 per year). The Fireweed Fund Corporation will issue you a tax credit certificate informing you of your credit amount.

Note: You might also be eligible to claim the federal labour-sponsored funds tax credit, worth up to $750. For more information, refer to the Canada Revenue Agency’s (CRA) website.

If you don’t need your entire credit when completing your 2016 return, the unused amount can be carried back for up to 3 years or carried forward for up to 7 years. Refer to your notice of assessment (NOA) or reassessment to see if you have any unused credits.

If you choose to print and mail in your return, make sure you attach your certificate from the Fireweed Fund Corporation. If you’re filing your return electronically, keep your certificate just in case the CRA asks to see it later.

 

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 you told us that you lived in the YUKON on December 31, 2016.

  1. On the PREPARE tab, click the LET’S TALK ABOUT 2016 icon.

  2. Select the checkbox labelled I had investments and/or investment income, or I bought and/or sold property.

  3. Click the PENSION PLANS AND INVESTMENTS icon. You'll find yourself here:

    PENSION_EN.jpg

  4. Under the INVESTMENT INCOME heading, select the checkbox labelled Yukon labour-sponsored venture capital corporation tax credit, then click Continue.

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

 

Once you’ve completed this page, you’ll also need to enter the provincial tax credit amount shown on the certificate received from the Fireweed Fund Corporation on the All other deductions page of H&R Block’s tax software. To do this:

  1.  On the PREPARE tab, click the OTHER icon. You’ll find yourself here:

    OTHER_EN.jpg

  2. Under the MISCELLANEOUS heading, select the checkbox labelled All other deductions, then click Continue.

  3. When you arrive at the all other deductions page, enter the provincial tax credit amount as shown on your Fireweed Fund Corporation certificate in the field labelled Provincial labour-sponsored funds tax credit.

 

 

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