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Nova Scotia Equity Tax Credit
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T1285
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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.
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Tax year: 2023 |
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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.
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