What is a T2038 Investment Tax Credit (ITC)?

The Investment Tax Credit is earned if you acquired certain types of property, had certain types of expenses like scientific research and experimental development (SR&ED) expenditures, qualified property, apprenticeship job creation expenditures, or created child care spaces in a licensed child care facility that your employees can use.

The ITC, which is calculated based on a percentage of the investment cost, had to have been earned during the current tax year or is carried forward from a previous tax year. You can use an ITC to reduce your federal tax for a previous year (maximum of three years), for the current tax year, or for a future year (up to 20 years).

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