Are you a resident of Saskatchewan who purchased flow-through shares from a mining or exploration company that works within the province? If you are, you might be able to claim the Saskatchewan mineral exploration tax credit, to encourage the development of Saskatchewan’s mineral resources.
This non-refundable tax credit is equal to 10% of the eligible expenses which, when claimed, can reduce your provincial tax payable. The corporations you’ve purchased shares from will issue you an SK-METC Mineral Exploration Tax Credit Certificate to let you know what you can claim.
If, in a given year, you don’t need to use all of your credit amount, any unused credit can be carried forward up to 10 years or back 3 years. Refer to your latest notice of assessment (NOA) or reassessment for your unused credit amounts.
Where do I claim this?
Follow these steps in H&R Block’s tax software to file your 2016 taxes:
Before you begin, make sure you told us that you lived in SASKATCHEWAN 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.
- Click the PENSION PLANS AND INVESTMENTS icon. You'll find yourself here:
- Under the RESOURCE INCOME heading, click the checkbox labeled Saskatchewan mineral exploration tax credit, then click Continue.
- When you arrive at the page for the Saskatchewan mineral exploration tax credit, enter your information into the tax software.