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You can claim a deduction for Canadian or foreign exploration or development expenses and Canadian oil and gas property expenses on your Québec tax return. To calculate the amount of deduction you can claim, complete Schedule N: Adjustment of Investment Expenses. You will need amounts from your RL-11 or RL-15 slip to complete Schedule N.
If you want to claim the federal deduction for exploration and development expenses, complete form T1229: Statement of Resource Expenses and Depletion Allowance.
If you have investment expenses in the year related to Canadian or foreign exploration or development and Canadian oil and gas property, you can claim a deduction on your income tax return.
Use Schedule N to calculate the amount you can deduct.
- Line 260 – Adjustment of Investment Expenses (Revenu Québec website)
- Schedule N: Adjustment of Investment Expenses (Revenu Québec website)
- Line 224 – Exploration and development expenses (CRA website)