If you own flow-through shares where the Canadian resource expenses have been transferred to you, there’s been an adjustment to a previously renounced amount, or there’s been an allocation of assistance, you’ll receive a T101: Statement of resource expenses.
This slip lists amounts such as:
- Canadian exploration expenses
- Canadian development expenses
- Amounts that qualify for provincial tax credits
- Expenses that qualify for an investment tax credit
If you invested in petroleum, natural gas, or mining ventures in 2016 but you didn’t actively participate, you can use the information found on your T101 to claim any exploration and development expenses that have been transferred to you on the T1229: Statement of Resource Expenses and Depletion Allowance form.
Where do I claim this?
Follow these steps in H&R Block’s tax software to file your 2016 taxes:
- On the QUICK ENTRY tab, click the QUICK SLIP icon. You will find yourself here:
- Type T101: Statement of resource expenses in the search field and either click the highlighted selection or press Enter to continue.
- When you arrive at the page for your T101, enter your information into the tax software.