Newfoundland and Labrador resort property investment tax credit

You can claim this credit if you make an investment in a qualifying resort development property in Newfoundland and Labrador after June 13, 2007, but not more than five years after the qualifying resort development property was first made available for sale. The investment must be made at arm's length.

The credit is equal to 45% of the amount invested to a lifetime maximum credit of $150,000. The maximum credit you can claim in the tax year is $50,000, including any amounts carried back or carried forward.

This credit must be claimed against Newfoundland and Labrador tax otherwise payable before the Newfoundland and Labrador small business tax holiday. You can carry forward unused credits to the seven following tax years or back to the three previous tax years.

Claiming the credit

File a completed Schedule 304, Newfoundland and Labrador Resort Property Investment Tax Credit. See the schedule for more details.

On line 507 of Schedule 5, Tax Calculation Supplementary - Corporations, enter the amount of the credit you are claiming.

Supporting documents - The province of Newfoundland and Labrador will issue Form NLRPITC-1, Newfoundland and Labrador Resort Property Investment Tax Credit, for qualifying investments. File this form with your T2 return.

Forms and publications

• Schedule 304, Newfoundland and Labrador Resort Property Investment Tax Credit
• Schedule 5, Tax Calculation Supplementary - Corporations

Government partners

• Newfoundland and Labrador (provincial site)