Saskatchewan Mineral Exploration Tax Credit

What’s in this article?

 

What is this?

The Saskatchewan Mineral Exploration Tax Credit is a non-refundable tax credit for residents of Saskatchewan who have purchased eligible flow-through shares from a mining or exploration company.

In order to be eligible, the company’s exploration expenses must located within Saskatchewan.

The credit amount is equal to 10% of the eligible expenses which, when claimed, can be used to reduce your provincial tax payable.  Any unused credit amount can be carried forward up to 10 years or carried back 3 years. 

If eligible, you will be issued an SK-METC Mineral Exploration Tax Credit Certificate from any mining or exploration corporations you’ve purchased shares from indicating the total amount of credit that can be used. Any unused amounts will be shown on your notice of assessment (NOA) or notice of reassessment.

 

Am I eligible?

To be eligible for the Saskatchewan Mineral Exploration Tax Credit individuals must have purchased eligible flow-through shares from an approved mining exploration corporation and received a slip SK-METC Mineral Exploration Tax Credit Certificate.

 

Where do I claim this?

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

  1. Click on the HOME tab.
  2. Click the Your residence icon.

Once you have confirmed your residence location, claim your Saskatchewan 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:

  1. Click the checkbox labeled I had investments.
  2. Scroll to the bottom of the page and click Continue.
  3. Click the RRSPS & INVESTMENTS icon. You will find yourself here:

  1. Under the RESOURCE INCOME heading, click the checkbox labeled Saskatchewan mineral exploration tax credit.
  2. Scroll to the bottom of the page and click Continue.

When you arrive at the appropriate page for the Mineral Exploration Tax Credit, enter your information into the tax software.

Where can I learn more?