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How do I enter contributions made to a labour sponsored venture capital (LSVCC) fund?

by TurboTax•4• Updated 2 weeks ago

A labour-sponsored venture capital corporation (LSVCC) is a corporation created by a labour union, exclusively for pooling and providing venture capital.

If you made contributions to an LSVCC and you live in Québec or Saskatchewan, you report it on your tax return.

Select your TurboTax product and province and follow the instructions.

TurboTax Online

  1. Complete the Personal info portion of the TurboTax EasyStep interview if you haven't yet. This unlocks 2024 tax return.
  2. From 2024 tax return, under To do, select Personal info and complete the personal info profile.
  3. From 2024 tax return, under To do, select Tax Profile and complete it. At We'll check for credits and deductions, check the box for Labour Sponsored Venture Capital Corporation Shares (LSVCC).
  4. From 2024 tax return, under Add to your return enter Labour and select Relevé 10 Tax Credit With respect to a Labour Sponsored Fund.
  5. At Relevé 10 - Labour Sponsored Fund tax credit, fill in the form using the information in the boxes from your Relevé 10 slip, then select Done with Relevé 10.
  6. If you have another Relevé 10 slip for entry, select Enter new Relevé 10 and repeat the previous step, otherwise select Done with Relevé 10.
  7. You're done, unless you contributed your LSVCC funds to your RRSP and you are going to claim an RRSP deduction, in which case:
    • Under Add to your return enter registered and select Registered Savings Plan Profile.
    • At Your registered savings plan profile for 2024, check the box for Made RRSP contributions during 2024 or the first 60 days of 2025. 
    • At What's your RRSP/PRPP deduction limit? enter your RRSP deduction limit from your previous year’s CRA notice of assessment.
    • At RRSP Contribution, under RRSP slip #1, select the Contribution Period and enter the net cost of your RRSP contributions from your LSVCC funds.
    • Select Enter New RRSP if applicable, otherwise select Done With RRSPs.

For more information, see 424 – Tax credit for a labour-sponsored fund.

  1. Complete the Personal info portion of the TurboTax EasyStep interview if you haven't yet. This unlocks 2024 tax return.
  2. Complete the Personal information and then from 2024 tax return under To do select Tax Profile.
    • In the Tax Profile section of the interview, at we'll check for credits and deductions, check the box for Labour Sponsored Venture Capital Corporation Shares (LSVCC). 
  3. From 2024 tax return, under Add to your return, enter Labour and select T5006 - Registered LSVCC Shares.
  4. At T5006 - Registered Labour-Sponsored Venture Capital Corporation Shares, fill in the form using the information in the boxes from your T5006. 
  5. Select either:
    • Enter New T5006 and repeat the previous step, or if done
    • Select Done with T5006
  6. AtT5006 - Unused Credits, enter any applicable amounts, then select Continue.
  7. At T5006 - Summary, confirm that your T5006 slips are reflected there, select Done With T5006.
  8. You're done, unless you contributed your LSVCC funds to your RRSP and you are going to claim an RRSP deduction, in which case:
    • From 2024 tax return, under Add to your return, enter registered and select Registered Savings Plan Profile.
    • At Your registered savings plan profile for 20242024, check the box for Made RRSP contributions during 2024 or the first 60 days of 2025. 
    • At What's your RRSP/PRPP deduction limit? enter your RRSP deduction limit from your 2023 CRA notice of assessment, then select Continue.
    • At RRSP Contribution, under RRSP slip, select the Contribution Period and enter the net cost of your RRSP contributions from your LSVCC funds.
    • Select Enter New RRSP if applicable and repeat the previous step, otherwise select Done With RRSPs.

TurboTax Desktop EasyStep view

  1. Complete the Introduction and Profile sections of TurboTax, including: at What happened to you in 2024, if applicable, select Yes for:
    1. Do you have any RRSP, PRPP, other retirement plan, Home Buyers Plan (HBP), Lifelong Learning Plan (LLP), or LSVCC share information to enter and/or
    2. Have you made contributions to investments in Labour Sponsored Venture Capital Corporation Shares (LSVCC)?
    3. Relevé 10 - Tax Credit with Respect to a Labour-Sponsored Fund.
  2. If you have a Relevé 10 slip, select the Find icon from the icon menu, enter Labour, then select Relevé 10 Tax Credit With respect to a Labour Sponsored Fund, and select Go.
  3. At Entering your federal T-slips and relevé slips, ensure the Relevé 10 box is checked, and continue.
  4. Proceed through entering your income information until you arrive at Relevé 10 - Labour sponsored fund tax credit. Enter the details from your Relevé 10, then if you have another slip, select Enter New Relevé 10. If not, select Done With Relevé 10.
  5. At Relevé 10 - Summary, select Done With Relevé 10.
  6. If you have a T5006 slip, select the Find icon from the icon menu, enter LSVCC, select LSVCC Credit, and select Go.
  7. At LSVCC - Provincial/Territorial, enter the required information from your T5006 slip(s), then continue.
  8. You're done, unless you contributed your LSVCC funds to your RRSP and you are going to claim an RRSP deduction, in which case:
    1. Select the Find icon from the icon menu, enter RRSP, select RRSP limit for 2024, and select Go.
    2. At What's your RRSP/PRPP deduction limit, enter your RRSP deduction limit, then continue.
    3. At RRSP Contribution, under RRSP slip enter the details of your RRSP contribution receipt. 
    4. Select either: Enter New RRSP and enter your next slip, or if you're done, select Done With RRSPs.
    5. At RRSP Contribution Summary, you can see your RRSP contribution and make any changes as needed, or select Done With RRSPs.
  1. Complete the Introduction and Profile sections of TurboTax, including: at What happened to you in 2024, if applicable, select Yes for:
    1. Do you have any RRSP, PRPP, other retirement plan, Home Buyers Plan (HBP), Lifelong Learning Plan (LLP), or LSVCC share information to enter and/or
    2. Have you made contributions to investments in Labour Sponsored Venture Capital Corporation Shares (LSVCC)?
  2. After completing the personal and income profiles, select the Find icon from the icon menu, enter lsvcc, select LSVCC Credit, and select Go.
  3. At LSVCC - Provincial/Territorial, enter the cost of your LSVCC shares, and government assistance if any, and select Continue.
  4. At LSVCC Saskatchewan, enter the investment amount as being for a LSVCC registered either provincially or federally.
  5. You're done, unless you contributed your LSVCC funds to your RRSP and you are going to claim an RRSP deduction, in which case:
  6. Select the Find icon from the icon menu, enter RRSP, select RRSP limit for 2024, and select Go.
  7. At What's your RRSP/PRPP deduction limit, enter your RRSP deduction limit, then select Continue.
  8. At RRSP Contribution,enter the details of your RRSP contribution receipt. Either:
    1. Select Enter New RRSP and enter your next slip or,
    2. If you're done entering receipts, select Done With RRSPs.
  9. At RRSP Contribution Summary, you can see your RRSP contribution and make any changes if needed, or select Done with RRSPs.