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Use Form 428 to calculate your provincial or territorial tax if one of the following applies: You were a resident of a province or territory in Canada (other than Quebec) at the end of the year.
The Investment Tax Credit (ITC) Section 48 allows project owners or investors to be eligible for federal business energy investment tax credits for installing designated renewable energy generation equipment placed in service during the period 2006 through 2024.
It is preferable to account for investment tax credits using the deferral method in which the entity spreads the benefit of the credit over the life of the asset. However, entities might alternatively elect to recognize the benefit in full in the year in which it is claimed (the flow-through method).
Be sure to file your T2038 (IND) form within 12 months of the income tax filing deadline of the year you purchased the property or paid the expense. If you dont, youll need to complete form T1-ADJ: T1 Adjustment Request.
Qualified property For the purposes of the Atlantic investment tax credit, this term means a category of new assets acquired primarily for use in the Atlantic Canada and Atlantic Region that are mainly used for farming or fishing, logging, manufacturing and processing, storing grain, or harvesting peat.
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Complete a separate Form 3468 to claim an investment credit for each facility or property. You must complete Part I to report facility or property information and the appropriate part (Part II VII) to compute your investment credit for such facility or property.
Investment Tax Credit Form 3468.
Purpose of Form Use a separate Form 3468 to enter information and amounts in the appropriate parts to claim a credit for each investment property and any unused investment credit amount from cooperatives. Complete a separate Form 3468 to claim an investment credit for each facility or property.

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