If you have any deductions or claims you’d like to make for a tax shelter this year, you’ll need to use TP-1079.6-V. With this form, you can:
- Deduct a loss for a tax shelter or investment in a tax shelter
- Claim a deduction or tax credit for a tax shelter or an investment in a tax shelter
- Claim a deduction or tax credit for a tax shelter that’s a gifting arrangement
You’ll need to provide the following information:
- The tax shelter identification number
- The losses you want to deduct
- The deductions or tax credits you want to claim
- The number of the line on your income tax where you’re entering these amounts
To do so, you’ll need to use the information from your RL-14 or T5003.
Remember to include your tax shelter identification number and to fully pay off any penalties, or interest on those penalties, beforehand.
What is a tax shelter identification number?
According to Revenu Québec, a tax shelter identification number is issued by the Minister of Revenue and is only valid for the calendar year specified on the application. A tax shelter identification number must be obtained before the promoter can issue or sell a tax shelter to an investor. It’s important to remember that simply receiving the tax shelter identification number doesn’t confirm your entitlement, as an investor, to claim any tax benefits associated with a tax shelter – the number itself is only used for administrative purposes.
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 QUÉBEC on December 31, 2016.
- 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.
- Click the PENSION PLANS AND INVESTMENTS icon. You will find yourself here:
- Under the INVESTMENTS IN TAX SHELTERS heading, select the checkbox labelled Statement of losses, deductions and tax credits respecting a tax shelter (TP-1079.6-V), then click Continue.
- When you arrive at the page for Losses, deductions and credits respecting a tax shelter, enter your information into the tax software.