Line 454 - Refund of investment tax credit

If you are eligible for an investment tax credit (line 412 on Schedule 1) based on expenditures made in the current year, you may be able to claim a refund of your unused investment tax credit. This refund will reduce the amount of credit available to you for other years.

You can carry back the credit you earn and do not use in the current tax year for up to 3 years and use it to reduce your federal tax in those years. To do this, complete Part B of Form T2038(IND), Investment Tax Credit (Individuals).

You can carry forward for up to 20 years credits earned in tax years that end after 1997. Submit Form T2038(IND) with your income tax return.

Completing your tax return

Enter on line 454, the refundable part of your investment tax credit calculated on Form T2038(IND). Attach a completed copy of the form to your paper return.

Be sure to complete the tax and credit form for your province or territory of residence.

Forms and publications

• General Income Tax and Benefit Guide
• Form T1229, Statement of Exploration and Development Expenses and Depletion Allowance
• Form T2038(IND), Investment Tax Credit (Individuals)
• Form T5013, Statement of Partnership Income
• Form T5013A, Statement of Partnership Income for Tax Shelters and Renounced Resource Expenses
• T101 slip, Statement of Resource Expense
• T3 slip, Statement of Trust Income Allocations and Designations
• IC78-4R3, Investment tax credit rates and its Special Release

Related topics

• General income tax and benefit package
• Line 412 - Investment tax credit
• Your province or territory of residence