Nova Scotia Equity Tax Credit T1285

Complete this form to calculate your Nova Scotia equity tax credit. This credit can be used to reduce your Nova Scotia tax payable.

You can claim this credit for investments in eligible shares you acquired in 2023 (that you did not claim on your 2022 return) or in the first 60 days of 2024.

You can carry forward unused credits for seven years or carry them back three years.

The maximum credit you can claim is $17,500 per tax year including any unused amounts from other years.

Attach this form and a copy of your NSETC-1 tax credit certificates to your return.

Tax year:  2023 
Part 1 - Nova Scotia equity tax credit claim for 2023
           
Enter the total credit amount from your NSETC-1 tax credit certificates. 62200  •1 
 
Enter your unused Nova Scotia equity tax credit from your 2022 notice of assessment or reassessment +  2 
Line 1 plus 2 Total credit available  =  3 
 
Enter the amount from line 3,
if it is more than $17,500, enter $17,500.		 Maximum allowable for 2023   4 
 
Enter the amount from line 87 of your Form NS428, Nova Scotia Tax and Credits.
(If you have to pay tax to more than one jurisdiction, enter the amount from line 60 of Form NS428MJ in Part 4 of your Form T2203, Provincial and Territorial Taxes for Multiple Jurisdictions.)		  5 
 
Enter whichever is less: amount from line 4 or line 5.
Enter this amount on line 88 of your Form NS428.
(If you have to pay tax to more than one jurisdiction, enter this amount on line 61 of Form NS428MJ in Part 4 of your Form T2203.)		 Current-year claim   6 
 

Complete Part 2 if the amount of your current-year claim (line 6) is less than the total credit available (line 3) and you want to claim a carryback of the unused credit or calculate the amounts available to carry forward to future years.

The carryback provisions allow you to apply unused credits against your Nova Scotia tax for the three previous tax years. The credit you apply cannot be more than your Nova Scotia tax for that year. The total of the credit you carryback to a previous year, plus any credit you have already claimed in that year, cannot be more than $17,500.

Part 2 - Carryback and amount available to carry forward to future years
                 
Enter the amount from line 3  7 
Enter the amount from line 6 -  8 
Line 7 minus line 8 Total unused credit available  =  9 
 
Enter the amount you want to carry back to 2022 62201  •10 
Enter the amount you want to carry back to 2021 62202 +  •11 
Enter the amount you want to carry back to 2020 62203 +  •12 
Add lines 10 to 12 Total unused credit applied to previous years  =   -  13 
Line 9 minus line 13 Unused Nova Scotia equity tax credit
available to carry forward to a future year		 =  14 
 

Certification
         
  I certify that the information given on this form is correct and complete.
 
 
  Signature Date (YYYYMMDD)