Please take note: FTQ entries should be applied af...

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How do i reflect FTQ labor fund RRSP carryover from 1st 60 days 2018 (additional tax advantage)? Time frame choice is Mar 1-Dec '18, or 1st 60 days of 2019 only?

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. 

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How do i reflect FTQ labor fund RRSP carryover from 1st 60 days 2018 (additional tax advantage)? Time frame choice is Mar 1-Dec '18, or 1st 60 days of 2019 only?

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

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New Member

How do i reflect FTQ labor fund RRSP carryover from 1st 60 days 2018 (additional tax advantage)? Time frame choice is Mar 1-Dec '18, or 1st 60 days of 2019 only?

Thanks, but this does not work.  As noted, the only time period option for RL10, are after the 1st 60 days of the previous year, or first 60 days of current year.  There is no drop down timing option that allows for input for the 1st 60 days.  That was essentially my question.  If I input that the FTQ amount was for the period after the 1st 60 days, then it will show up on schedule 7 as an additional contribution, when it is not, it is a previously reported contribution, yet not deducted.  It appears that TurboTax is not equipped to handle such a unique situation.
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