This credit helps individuals who have purchased shares from a mining exploration company. It is intended to stimulate mineral exploration in Ontario by improving access to capital for small mining exploration companies.
How much money could I receive?
The credit provides shareholders a refundable tax credit of five per cent of eligible Ontario exploration expenditures.
Do I qualify?
You may qualify for the credit if you:
- purchased eligible flow-through shares after October 17, 2000 as defined in section 66 of the federal Income Tax Act
- are an individual, other than a trust, who is resident in Ontario on December 31 of the tax year
- have eligible Ontario exploration expenditures as defined in the Ontario Income Tax Act.
How do I get the credit?
To get the credit, you need to:
- file a personal income tax and benefit return for the same tax year you claim the credit, along with form ON479 and T1221, and
- include the credit certification documents you received from the mining exploration company that incurred qualifying expenses in Ontario. These include slip T101, Statement of Resource Expenses, or T5013, Statement of Partnership Income for Tax Shelters and Renounced Resource Expenses.
You can claim the credit either alone or as a member of a partnership.
Estates can claim the credit on a deceased person’s final return.
More detailed requirements can be found in the Taxation Act, 2007
Download form ON479, Ontario Credits
Download form T1221, Ontario Focused Flow-Through Share Resource Expenses for 2011 and Subsequent Years
Download form T5013, Statement of Partnership Income
Download form T101, Statement of Resource Expenses
Get your General Income Tax and Benefit package from the Canada Revenue Agency
When will I receive my money?
The credit helps reduce or eliminate the amount of tax you owe. If you have an excess credit, it may be paid as a refund after your return is assessed – even if you pay no income tax. In that case, you should receive your money within 6 to 8 weeks after the Canada Revenue Agency has assessed your return.