How to Claim Your LSIF Tax Credits

If you purchase a Labour Sponsored fund before March 1, , you will receive one or two tax forms from the fund company (not ScotiaMcLeod) to file with your income taxes, to save yourself up to $1,750 in taxes. The federal labour sponsored funds tax credit is discussed in the General Income Tax and Benefit Guide - .

Please note you will be required to submit Part 2 or 3 of the Federal tax credit certificate (T5006) as well as Part 1 of the Ontario tax credit certificate (OIEO) to file your tax return. (Some fund companies which are only available in Ontario only issue the OIEO Certificate.) Samples (subject to change) are shown below:

Sample Revenue Canada T5006 Form

Sample Revenue Canada T5006 Form
To claim your FEDERAL (T5006) labour sponsored venture capital tax credit:

  • Enter the net cost of shares purchased before March 1, on Line 413 of your T1 tax return (Schedule 1 - Federal Tax Credits).
  • On Line 414, enter the amount from Line 413 x 15% (max $750).
Sample OIEO Certificate

Sample OIEO Certificate
To claim your ONTARIO (OIEO) tax credit use the T1C-TC (ONT) Ontario Tax form:

  • On Line 62, enter the cost of shares purchased before March 1, (see OIEO Boxes 2 & 4) x 15% (max $750).
  • On Line 63, enter the cost of ROIF shares purchased before March 1, (see OIEO Boxes 3 & 5)x 5% (max $250).
  • Enter the sum of Lines 62, 63 and 66 on Line 67 for your total OIEO tax credit.

Please note that this information has been compiled from information provided by the labour funds. ScotiaMcLeod does not provide tax or accounting advice. If you have further questions, please consult a tax expert.

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