How do I claim my tax credits on my tax form?

Posted on by westcap

If you purchased the Fund during remaining of year (ROY) last year or within the first 60-days of this year, you are eligible for a Manitoba Labour-sponsored Venture Capital Corporation (LSVCC) Tax Credit and Federal Labour-sponsored Venture Capital Corporation (LSVCC) Tax Credit. To claim your tax credits, file the T2C Tax Receipt that indicates the amount of tax credits that you are eligible to receive on your tax return.

There are three amounts to claim for most Golden Opportunities Fund purchases:

Federal Tax Credits are claimed under Federal tax (formerly Schedule 1) within Step 3. Line 41400 of this form is where you will claim the 15% federal portion of the tax credit to a maximum of $750 (15% of $5,000).
Provincial Tax Credits are claimed on Form MB 428. Line 65 is where you will claim the 15% provincial portion of the tax credits to a maximum of $750 (15% of $5,000).

If the contribution to Golden Opportunities Fund generated an RSP receipt, this amount can be claimed on Schedule 7 and carried forward to line 20800 on the T1 General Return.