If you purchased shares from a venture capital corporation (VCC) or eligible business corporation (EBC), that’s registered in British Columbia, in 2017 or within the first 60 days of 2018, you might be able to claim the British Columbia venture capital tax credit.
You can claim a refundable credit of 30% on up to $60,000 of investments per year. You’ll receive a Certificate SBVC 10 which will report the number of shares you bought and the credit amount you’re allowed to claim on your return. 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 made within the first 60 days of 2018, you can choose to either claim the credit on your 2017 tax return or wait and claim it on your 2018 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 2017 tax software:
Before you begin, make sure you tell us that you lived in British Columbia on December 31st, 2017.
- On the PREPARE tab, click the IN THIS SECTION icon.
- Under Investments (shares, securities, property, tax shelters, etc.) you bought or sold in 2017, click the Add This button.
- 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.