I contributed RRSP in 1st 60 days of 2018, and reflected this on schedule 7 of my 2017 return as a carryover, and want to deduct in 2018 tax year. However the drop down menus only indicated Mar 1 - Dec 31, 2018, or the 1st 60 days of 2019. There appears to be no place to indicate the 1st 60 days of 2018. With the labor fund (FTQ), there are additional tax credits, above and beyond a regular RRSP, and those do not seem to be reflected.
Please take note: FTQ entries should be applied after the Federal Tslip entries.
- In the Provincial Section of your tax return drop down to Other Quebec Credits then Québec Credits Profile – CHECK - Tax credit for Labour sponsored venture capital (FTQ or CSN) - opens LSVCC – Québec – enter amount in Unused contributions for class A shares in the Fonds de solidarité des travailleurs du Québec (FTQ) from previous years
- For the FTQ to populate to line 424 of TP1(Quebec Tax Summary), you must ensure that your entries to your T4 box 14 and RL 1 box A, are entered first.
- Then go apply your RL10. Making sure you are indicating in that slip that it is for FTQ. All amounts with calculate accordingly.
For a better understanding of this credit review links below.
From TurboTax Tips -https://turbotax.intuit.ca/tips/the-labour-sponsored-funds-tax-credit-5494
And from Revenu Québec: 424 – TAX CREDIT FOR A LABOUR-SPONSORED FUND - https://bit.ly/2HhW8aK