The British Columbia (B.C.) employee investment tax credit combines the tax credit. When you claim this non-refundable tax credit, you’ll receive the lesser of:
- The amount shown on the tax credit certificate you were issued
If you purchased shares from a registered British Columbia employee share ownership plan in 2016 or within the first 60 days of 2017, you’ll be issued a Certificate ESOP 20. If you invested in a registered British Columbia employee venture capital corporation during the same time frame, you’ll be issued a Certificate EVCC 30. These certificates will let you know how many shares you bought and the credit amount you’re allowed to claim on your return.
If you’ve received an EVCC 30, you’re also eligible to claim the federal . This federal deduction will be automatically calculated for you when you enter your information into H&R Block’s tax software.
Tax Tip: If you bought ESOP or EVCC shares in the first 60 days of 2017, you can choose to claim the B.C. employee investment tax credit on either your 2016 or 2017 return; you can also choose to split the credit amount between your 2016 and 2017 tax returns. If you decided to split the credit between 2016 and 2017, be sure to write the credit amount you’re claiming in 2016 as well as the amount your claiming in 2017, on your certificate.
Keep in mind, you can’t carry forward any unused amounts of the British Columbia employee investment tax credit to future years. You’ll have to apply this tax credit to the same year you made your investments.
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 31, 2016.
- On 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’ll find yourself here:
- Under the INVESTMENT INCOME heading, select the checkbox labelled Employee share ownership plan shares and/or Employee venture capital corporation shares, then click Continue.
- When you arrive at the pages for your British Columbia employee share ownership tax credit and/or British Columbia employee venture capital tax credit, enter your information into the software.