T1229: Statement of Resource Expenses and Depletion Allowance

Form T1229 is used to claim your depletion allowance and to calculate your resource expenditure poolsexploration and development expense deduction, and the renounced expenses you received from owning flow-through shares that qualify for investment tax credits.

Based on the nature of your investment you’ll receive a T5T101, or T5013 slip from the administrator of the venture. You’ll then use the information from one or more of these slips to complete your T1229 form.

Note: Depending on where you live, you might also be able to claim one of the following provincial credits:

I’m a resident of Québec

As a resident of Québec you can claim a deduction for your exploration and development expenses by completing Schedule N: Adjustment of Investment Expenses. Your expenses will be shown on one of the following slips:

Refer to the Revenu Québec website for more information on claiming your exploration and development expenses.

Where do I claim this?

Follow these steps in H&R Block’s 2017 tax software :

  1. On the PREPARE tab, click the IN THIS SECTION icon. 

  2. Under Investments (shares, securities, property, tax shelters, etc.) you bought or sold in 2017, click the Add This button.

  3. Click the PENSION PLANS AND INVESTMENTS icon. You will find yourself here:

    DIY17_PENSION_EN.png

  4. Under the RESOURCE INCOME AND CREDITS heading, select the checkbox labelled Statement of exploration and development expenses and depletion allowance (T1229) then click Continue.

  5. When you arrive at the page for your the Statement of exploration and development expenses and depletion allowance, enter your information into the tax software.
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