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This version of the form is not currently in use and is provided for reference only. Download this version of
Form T1272
for the current year.
Form T1272 Newfoundland and Labrador Direct Equity Tax Credit - Canada
Form T1272, the Newfoundland and Labrador Direct Equity Tax Credit, is a tax form used in Canada for claiming the tax credit related to investment in qualifying corporations in Newfoundland and Labrador. This tax credit is designed to encourage investment in eligible Newfoundland and Labrador businesses and help stimulate the local economy.
The individual or corporation who is claiming the Newfoundland and Labrador Direct Equity Tax Credit files the Form T1272.
FAQ
Q: What is Form T1272?
A: Form T1272 is a tax form used for claiming the Newfoundland and Labrador Direct Equity Tax Credit in Canada.
Q: What is the Newfoundland and Labrador Direct Equity Tax Credit?
A: The Newfoundland and Labrador Direct Equity Tax Credit is a tax credit available to individuals and corporations who invest in eligible direct equity investments in Newfoundland and Labrador.
Q: Who is eligible for the tax credit?
A: Both individuals and corporations are eligible for the Newfoundland and Labrador Direct Equity Tax Credit if they invest in eligible direct equity investments in Newfoundland and Labrador.
Q: What are eligible direct equity investments?
A: Eligible direct equity investments include shares or units of eligible businesses in Newfoundland and Labrador.
Q: How much is the tax credit?
A: The tax credit is equal to a percentage of the eligible investment, up to a certain maximum amount.
Q: How can I claim the tax credit?
A: To claim the tax credit, you need to complete Form T1272 and include it with your tax return.
Q: Are there any deadlines for claiming the tax credit?
A: Yes, there are specific deadlines for claiming the tax credit. It is important to check the requirements and deadlines set by the government of Newfoundland and Labrador.
Q: Is the tax credit refundable?
A: Yes, the tax credit can be refundable for individuals, meaning that if the tax credit exceeds your tax liability, you may receive a refund.
Q: Can I carry forward unused tax credits?
A: Yes, unused tax credits can be carried forward to future tax years.
