Line 45400 – Refund of investment tax credit
If you are eligible for an investment tax credit (line 41200Footnote 1 on your return) based on expenditures you made in the current year, you may be able to claim a refund of your unused investment tax credit. This refund will reduce the amount of credit available to you for other years.
You can carry back the credit you earned in the current tax year for up to three years and use t to reduce your federal tax. To do this, fill in Part E of Form T2038(IND), Investment Tax Credit (Individuals), and submit the form with your income tax return.
You can carry forward credits earned in tax years that end after 1997 for up to 20 years. To do this, fill in Part F of Form T2038(IND), Investment Tax Credit (Individuals), and submit the form with your income tax return.
Filling in your tax return
Enter on line 45400Footnote 2 the refundable part of your investment tax credit calculated on Form T2038(IND). Fill in and attach Form T2038(IND) to your income tax return.
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