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Newfoundland and Labrador Direct Equity Tax Credit

T1272

Complete this form to calculate your Newfoundland and Labrador direct equity tax credit. This credit can be used to reduce your Newfoundland and Labrador tax payable.

You can claim this credit for investments in eligible shares you acquired in 2024 (that you did not claim on your 2023 return) or in the first 60 days of 2025.

You can carry forward your unused credits for seven years or carry them back three years.

Attach a copy of your NL DETC-1 receipt(s) to this form and include it with your return.

Tax year: 2024

Part 1 - Newfoundland and Labrador direct equity tax credit claim for 2024


Credit amount from your NL DETC-1 receipt(s)		61770		•1
Unused Newfoundland and Labrador direct equity tax credit from your 2023 notice of assessment or reassessment			+	2
Line 1 plus line 2	Total credit available		=	3

Enter whichever is less: amount from line 3 or $50,000.	Maximum allowable for 2024			4

Enter the amount from line 77 of your Form NL428, Newfoundland and Labrador Tax and Credits. (If you have to pay tax to more than one jurisdiction, enter the amount from line 41 of Form NL428MJ in Part 4 of your Form T2203, Provincial and Territorial Taxes for Multiple Jurisdictions.)				5

Enter whichever is less: amount from line 4 or line 5 Enter this amount on line 78 of your Form NL428. (If you have to pay tax to more than one jurisdiction, enter this amount on line 42 of Form NL428MJ in Part 4 of your Form T2203.)	Current-year claim			6

Complete Part 2 if the amount of your current-year claim (line 6) is less than the total credit available (line 3) and you want to claim a carryback of the unused credit or calculate the amounts available to carry forward to future years.

The carryback provisions allow you to apply unused credits against your Newfoundland and Labrador tax for the three previous tax years. The credit you apply cannot be more than your Newfoundland and Labrador tax for that year. The total of the credit you carryback to a previous year, plus any credit you have already claimed in that year, cannot be more than $50,000.

Part 2 - Carryback and amount available to carry forward to future years


Enter the amount from line 3						7
Enter the amount from line 6					-	8
Line 7 minus line 8	Total unused credit available				=	9

Enter the amount you want to carry back to 2023		61780		•10
Enter the amount you want to carry back to 2022		61790	+	•11
Enter the amount you want to carry back to 2021		61800	+	•12
Add lines 10, 11 and 12	Total unused credit applied to previous years		=		-	13
Line 9 minus line 13	Unused Newfoundland and Labrador direct equity tax credit available to carry forward to future years				=	14

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