Nova Scotia Equity Tax Credit (T1285)

As a resident of Nova Scotia, if you invested in eligible shares of a business registered under the ETC (Equity Tax Credit) program during 2017 (or within the first 60 days of 2018), and the government of Nova Scotia issued you a NSETC-1 receipt for your investments, you can claim the T1285: Nova Scotia equity tax credit.

This credit allows you to claim 35% of your investment (up to $17,500 in credits for a maximum investment of $50,000) to reduce your Nova Scotia provincial tax payable. Any unused amounts will show up on your notice of assessment or reassessment. You can carry forward your unused amounts for up to 7 years, or back for up to 3 years. You can’t carry forward more than $17,500 at a time.

Remember to keep all of your documents if you’re filing electronically, just in case the CRA asks to see them later. If you’re filing a paper return, remember to attach your T1285 form and NSECT-1 receipt.

Where do I claim this?

Follow these steps in H&R Block’s 2017 tax software:

Before you begin, make sure that you told us that you lived in Nova Scotia on December 31, 2017.

  1. Under the PREPARE tab, click the IN THIS SECTION icon.

  2. Under Investments (shares, securities, property, tax shelters, etc.) you bought or sold in 2017, click the Add This button.

  3. Click the PENSION PLANS AND INVESTMENTS icon. You will find yourself here:

    DIY17_PENSION_EN.png

  4. Under the RESOURCE INCOME AND CREDITS heading, select the checkbox labelled Nova Scotia equity tax credit (T1285), and then click Continue.

  5. When you arrive at the page for the Nova Scotia equity tax credit, enter your information into the tax software.

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