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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 T224
for the current year.
Form T224 Nova Scotia Venture Capital Tax Credit - Canada
Form T224 Nova Scotia Venture Capital Tax Credit is used in Canada for claiming the tax credit for eligible investments made in venture capital corporations (VCCs) in Nova Scotia. This tax credit encourages investment in startup and early-stage businesses in the province.
The Form T224 Nova Scotia Venture Capital Tax Credit in Canada is typically filed by businesses or corporations seeking to claim the Nova Scotia Venture Capital Tax Credit.
FAQ
Q: What is Form T224?
A: Form T224 is a tax form used to claim the Nova Scotia Venture Capital Tax Credit in Canada.
Q: What is the Nova Scotia Venture Capital Tax Credit?
A: The Nova Scotia Venture Capital Tax Credit is a tax credit program designed to promote investments in eligible venture capital corporations.
Q: Who is eligible to claim the Nova Scotia Venture Capital Tax Credit?
A: Individuals, corporations, and partners of partnerships that invest in eligible venture capital corporations in Nova Scotia are eligible to claim the tax credit.
Q: How much is the tax credit?
A: The tax credit is 35% of the individual or corporation's investment in eligible venture capital corporations.
Q: What information do I need to complete Form T224?
A: You will need information about the eligible venture capital corporation in which you invested, including the name, address, and business number.
Q: When is the deadline to file Form T224?
A: The deadline to file Form T224 is usually within 18 months after the end of the taxation year in which the investment was made.
Q: Can I claim the tax credit for investments made in previous years?
A: No, the tax credit can only be claimed for investments made in the current taxation year or one year prior.
Q: Are there any restrictions on the tax credit?
A: Yes, there are certain restrictions and limitations on the tax credit, such as a maximum investment limit and a carry-forward provision for unused credits.
Q: Is the Nova Scotia Venture Capital Tax Credit refundable?
A: No, the tax credit is non-refundable, but any unused credits can be carried forward to future taxation years.
