Did you purchase shares from a venture capital corporation (VCC) or eligible business corporation (EBC) that’s registered in British Columbia in 2016, or within the first 60 days of 2017? If you did, you might be able to claim the British Columbia venture capital tax credit.
With this, you can claim a refundable credit of 30%, on up to $60,000 of investments per year. You’ll receive a Certificate SBVC 10 to let you know how much you can claim. If the amount on your certificate is more than $60,000, you can carry the rest forward for up to 4 years. Refer to your notice of assessment (NOA) or reassessment to see if you have any unused amounts.
For investments you made within the first 60 days of 2017, you can choose to either claim the credit on your 2016 tax return or wait and claim it on your 2017 return.
Note: Even though you aren’t required to submit your Certificate SBVC 10 to the Canada Revenue Agency (CRA) when you file your return, you should keep it with your records in case they ask 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 tell us that you lived in BRITISH COLUMBIA on December 31st, 2016.
- On the PREPARE tab, click the LET’S TALK ABOUT 2016 icon.
- Select the checkbox labeled I had investments and/or investment income, or I bought and/or sold property.
- Click the PENSION PLANS AND INVESTMENTS icon. You'll find yourself here:
- Under the INVESTMENT INCOME heading, select the checkbox labeled British Columbia venture capital tax credit then click Continue.
- When you arrive at the page for the British Columbia venture capital credit, enter your information into the tax software.