T88: British Columbia Mining Exploration Tax Credit for Individuals

If you lived in British Columbia on December 31st, were involved in grassroots mineral exploration, and had mining exploration expenses for determining the existence, location, extent, or quality of a mineral resource in British Columbia, you might qualify for the British Columbia Mining Exploration Tax Credit (BC METC).

You could qualify for an amount equal to 20% of what you spent less any reimbursements or assistance you received. For tax years ending on or before December 31, 2016, you can claim this credit 36 months after the end of the tax year. Keep in mind, you can’t carry forward or carry back the tax credit to any other year.

Tip: The tax credit applies to the exploration of base and precious metals, coal, and some industrial minerals. Drilling expense for oil and gas do not qualify. 

If you had mining exploration expenses in prescribed Mountain Pine Beetle affected areas, you might be eligible for a BC METC equal to 30% of what you spent less any reimbursements or assistance you received. Click this link to learn more.

Note: If you’re a member of a partnership and you’re claiming the British Columbia mining exploration tax credit, you’ll need to complete form T1249: British Columbia mining exploration tax credit partnership schedule outside of H&R Block’s tax software. Once completed, you can then finish the T88 page in your return.

 

Where do I claim this?

Important: Before you begin, make sure you tell us that you lived in BRITISH COLUMBIA on December 31st of the 2016 tax year, in H&R Block’s tax software. To do this:

  1. Click the GET STARTED tab.

  2. Click the ABOUT YOU icon, and click the Your residence link. You'll find yourself here:

 

To claim your T88 : British Columbia mining exploration tax credit (individuals) slip, continue to follow these steps:

  1. Under the PREPARE tab, in the Let's Talk about 2016 section, select the checkbox labelled I had investments and/or investment income, or I bought and/or sold property.

  2. Scroll to the bottom of the page and click Continue.

  3. Click the PENSION PLANS AND INVESTMENTS icon. You'll find yourself here:

    PENSION_EN.jpg

  4. Under the RESOURCE INCOME & CREDITS section, select the checkbox labelled British Columbia mining exploration tax credit (T88).

  5. Scroll to the bottom of the page and click Continue.

  6. When you arrive at the page for your T88 slip, enter your information into the tax software.

 

Where can I learn more?