T2c investment amount, provincial tax credit & federal tax credit where do you inter this info?

[TurboTaxSusan]

In TurboTax Online, click on Provincial Tax Credits under Provincial in the left side menu. Put a check mark next to “Labour sponsored venture capital tax credit” and click Continue On the 1st LSVCC – Saskatchewan page, you get the option to put unused credits from last year, as well as a button to enter a T5006. The T5006 slip has boxes for the T2C at the bottom.

If you are in TurboTax CD/Download EasyStep Mode, use the Find tool to search for LSVCC, select it from the list and click Go. There is a page for entering the cost of your LSVCC shares, and when you click continue, there is a page to enter info from your T2C.

In TurboTax CD/Download Forms Mode, click the Forms icon and search for LSVCC. Select it from the list and click OK. You’ll get the LSVCC worksheet with sections similar to what you see in EasyStep Mode.

[confused-in-sask]

I'm new to the T2C (Sask) form. Following the advice in this last post, the terminology used on the T5006 form that contains the T2C form is confusing. 2 questions...

1- Does the 'Tax credit' field on my T2C correspond to the 'Consideration Paid' field?

2- Also, the T2C form I received has a Provincial tax credit amount and a Federal tax credit amount. The T5006 form seems to be a provincial form (if I'm not wrong). Where should the 'federal' amount be reported? ...or should the federal and provincial amounts be combined and reported as a total? 

I'd appreciate advice if anyone has solved this. Thanks!

[TurboTaxSusan]

@confused-in-sask 

"Consideration Paid" is the cost of the labour-sponsored venture capital corporation (LSVCC) shares you purchased. 

If you are using TurboTax Online the Federal portion is on top, and the Provincial portion is below.

[SK69]

I have the same question, I have managed to input the Sask tax credit, but where and how do we input the federal tax credit?

[TurboTaxSusan]

@SK69 

Are you using TurboTax CD/Download or TurboTax Online?

[SK69]

Hi, I'm answering for SK69....that's my partner and he's trying to do our combined taxes...we use the online version

[TurboTaxSusan]

@SK69 

As of January 1, 2017, the tax credit for the purchase of shares of federally registered labour-sponsored venture capital corporations has been eliminated.