T1241 : Manitoba Mineral Exploration Tax Credit

What’s in this article?

 

What is this?

The Manitoba Mineral Exploration Tax Credit is non-refundable tax credit for resident investors in eligible flow-through shares in a qualified mineral exploration company and that company transferred or renounced a portion of the expenses they had to you. You can then claim a tax credit for these expenses.

The credits you earn in the year must be used to reduce your Manitoba tax payable for that year. You can carry forward unused amounts for 10 years or carry back for three years.

 

Am I eligible?

​​The tax credit provides a 30% non-refundable credit, if you have Manitoba Exploration Mining flow-through share agreements that expenditures are transferred to you and you received a:

  • Slip T101: Statement of Resource Expenses with qualifying expenses shown in box 144 - Expenses qualifying for a provincial tax credit (MB); or
  • Slip T5013: Statement of Partnership Income with qualifying expenses shown in box 199 - Expenses qualifying for a provincial tax credit (MB).

 

Where do I claim this?

Follow these steps in H&R Block’s tax software to file your 2015 taxes:

Important: Before you begin, ensure that you told us that you lived in MANITOBA on December 31st of the 2015 tax year, in H&R Block’s tax software. To do this:

  1. Click the HOME tab.
  2. Click the ABOUT YOU icon, and click the Your residence link. You will find yourself here:

Once you have confirmed your residence location, you can claim the Manitoba mineral exploration tax credit by following these steps:

  1. Click the PREPARE tab.
  2. Click the YOUR YEAR IN REVIEW icon. You will find yourself here:
  3. Click the checkbox labelled I had investments.
  4. Scroll to the bottom of the page and click Continue.
  5. Click the RRSPS AND INVESTMENTS icon. You will find yourself here:
  6. Under the RESOURCE INCOME AND CREDITS heading, click the checkbox labelled Manitoba mineral exploration tax credit (T1241).
  7. Scroll to the bottom of the page and click Continue.

When you arrive at the page for your Manitoba mineral exploration tax credit, enter your information into the tax software.

 

Where can I learn more?