T1241 - Manitoba mineral exploration tax creditComplete this form to calculate your Manitoba mineral exploration tax credit. You could claim this credit if you invested in flow-through shares and Manitoba mining flow-through share expenditures have been renounced to you.
You could claim this credit if you received an Information Slip T101 (Statement of Resource Expenses) from a mining corporation, or an Information Slip T5013A (Statement of Partnership Income for Tax Shelters and Renounced Resource Expenses) received as a member of a partnership, with an amount showing in box 144 of either of these slips. The credits you earned in the year will be used to reduce your Manitoba tax payable for that year. Any unused amount can be carried forward for ten years or carried back for the three previous years.
The MB T1241 form is generated by the program by entering the appropriate information in the following pages:
1. On the left side menu of the " Interview " bar, select "Interview setup".
2. Select "Manitoba tax and credits" - " MB428 line 60920 - Manitoba mineral exploration expenses carry backs and carry forwards" and enter the unused expenses from past the 7 years in the section "Manitoba mineral exploration tax credit?". The amounts for "Unused Manitoba mining exploration tax credit from 2020" should be listed on your notice of assessment for the year
3. Return to the "Interview setup" and go to the group " Investment income and expenses" and select "Partnership income, tax shelters (T5013, T101, T5003, T5004, T1CP)"" and select "Next" at the bottom of the page. Return to the "Left side menu" and select "Partnership income, tax shelters".
4. Select "T101 - Statement of resource expenses" (on left side menu appears as "T101 renunciation") and enter the amount from box 144. If applicable you may enter «Interest expenses on money borrowed to acquire an interest in a partnership".
5. Or select "T5013 - Statement of Partnership income" and enter the Fiscal period end (dd-mm-yyyy) and enter the Partner Code in Box 002 and enter the amount in box 199.
6. The program will generate the "T1241 - Manitoba Mineral Exploration Tax Credit" and "T-1229 Statement of Resource Expenses and Depletion Allowance". The current year amount will appear on the MB-428: Line 81: Line 81 -"Manitoba mineral exploration tax credit (complete Form T1241)".
For more information on this topic please visit the following link:
Manitoba:
https://www.gov.mb.ca/finance/personal/pcredits.html#mineral
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Webpage: KPA380-20211116115601DE.htm