Ontario - ON Focused Flow-Through Share Resource Expenses - T1221
If you are claiming the Ontario focused flow-through share tax credit on Form ON479, "Ontario Credits".
You may claim this credit if you invested in flow-through shares on Ontario flow-through mining expenditures (Ontario qualifying expenses) have been renounced to you. Your Ontario qualifying expenses are shown in box 145 on the Information Slip T101 (Statement of Resource Expenses) that you received from a mining exploration corporation or in box 200 of Information Slip T5013 (Statement of Partnership Income for Tax Shelters and Renounced Resource Expenses) that you received as a member of a partnership.
1- To claim this credit go to the "Left side menu on the Interview tab" select the "Interview setup" section.
2- On the screen to your right, go to the "Investment income and expenses" group, check the box "Partnership income, tax shelters (T5013, T101, T5003, T5004, T1CP)" and click on "Next" at the bottom of the page.
3- Return to the "Left side menu on the Interview tab" and select the "Partnerships, income, tax shelters" section and in the screen to your right, choose the option that suits you.
Any credit claimed in a tax year will reduce the balance of your Cumulative Canadian Exploration Expense (CCEE) pool in the year following the credit claim.
The credit is 5% of your expenses (box 63220 of the ON479 form). This credit will be carried forward by the program to line 47900 of the federal return.
If the pool balance is negative after this deduction, the negative amount must be reported as income on line 13000 of your federal return.
The program will also generate federal form T1221, "Ontario Focused Flow-Through Share Resource Expenses (Individuals)".
NOTE: You must be a resident of Ontario on December 31 of the tax year to claim this credit.
ID: 20200224081855DE.xml
Webpage: KPA380-20200224081855DE.htm