As a resident of Saskatchewan, if you purchased flow-through shares from an approved mining or exploration company whose exploration expenses are in Saskatchewan, you might be able to claim the Saskatchewan mineral exploration tax credit.
This non-refundable tax credit is equal to 10% of the eligible expenses which, when claimed, can reduce your provincial tax payable. The corporations you’ve purchased shares from will issue you an SK-METC Mineral Exploration Tax Credit Certificate to let you know what you can claim.
If, in a given year, you don’t need to use all of your credit amount, any unused credit can be carried forward up to 10 years or back 3 years. Refer to your latest notice of assessment (NOA) or reassessment for your unused credit amounts.
Remember to keep all your documents in case the Canada Revenue Agency (CRA) asks to see them later.
Where do I claim this?
Follow these steps in H&R Block’s 2017 tax software:
Before you begin, make sure you told us that you lived in Saskatchewan on December 31, 2017.
- Under the PREPARE tab, click the IN THIS SECTION icon.
- Under Investments (shares, securities, property, tax shelters, etc.) you bought or sold in 2017, click the Add This button.
- Click the PENSION PLANS AND INVESTMENTS icon. You'll find yourself here:
- Under the RESOURCE INCOME & CREDITS heading, click the checkbox labeled Saskatchewan mineral exploration tax credit, then click Continue.
- When you arrive at the page for the Saskatchewan mineral exploration tax credit, enter your information into the tax software.
