You can claim the British Columbia mining flow-through share tax credit (BC MFTS) if you invested in flow-through shares offered by a company conducting mining exploration in British Columbia. This non-refundable tax credit equals 20% of the mining expenses that were flowed through to you under a flow-through shares agreement entered into after July 30, 2001.
For the BC MFTS, you should have also received a:
- T101: Statement of resource expenses slip, with qualifying expenses shown in Box 141 or
- T5013: Statement of partnership income slip, with qualifying expenses shown in Box 197
You’ll need to use the T1231 to determine your credit, which reduces your British Columbia tax payable. If you don't need to use the full credit amount in a given tax year to reduce your tax payable, you can carry forward unused amounts for 10 years or carry them back for 3 years.
You must claim your BC MFTS tax credit within 12 months after your filing due date for the tax year for which you received a T101 or T5013.
Note: The expiry date for the BC MFTS is December 31, 2016 and the expenses must’ve been paid for before January 1, 2017.
Where do I claim this?
Follow these steps in H&R Block’s tax software to file your 2016 taxes:
Before you begin, ensure that you've told us that you lived in British Columbia on December 31, 2016.
- Under the PREPARE tab, click the LET'S TALK ABOUT 2016 icon.
- Select the checkbox labelled I had investments and/or investment income, or I bought and/or sold property and click Continue.
- Click the PENSION PLANS AND INVESTMENTS icon.
- Under the RESOURCE INCOME AND CREDITS heading, select the checkbox labelled British Columbia mining flow-through share tax credit (T1231).
- When you arrive at the page for the British Columbia mining flow-through share tax credit, enter your information into the tax software.
