Newfoundland and Labrador venture capital tax credit

The Newfoundland and Labrador government will issue a certificate to corporations investing in qualifying venture capital funds. This non-refundable credit is equal to 30% of the amount invested, to a lifetime maximum credit of $75,000.

This credit must be applied against tax otherwise payable. You can carry unused credits back to the three previous tax years or forward to the seven following tax years.

Claiming the credit

File a completed Schedule 308, Newfoundland and Labrador Venture Capital Tax Credit, with your return.

On line 504 of Schedule 5, Tax Calculation Supplementary – Corporations, enter the amount of the credit you are claiming.

Supporting documents – If you file your T2 return electronically, keep your certificate in case we ask for it later. Otherwise, file it with your return.

Forms and publications

• Schedule 308, Newfoundland and Labrador Venture Capital Tax Credit 
• Schedule 5, Tax Calculation Supplementary – Corporations

Government partners

• Newfoundland and Labrador (provincial site)