Line 78 - Saskatchewan mineral exploration tax credit
You can claim this credit if you purchased flow-through shares from a mining exploration corporation in 2023. The company's eligible exploration expense must have been incurred in Saskatchewan.
The credit is 30% of the eligible expenses, and can be used to reduce your Saskatchewan tax in the year it is claimed. Any unused amounts can be carried forward for 10 years or carried back for three years.
Your Saskatchewan qualifying expenses are shown in box 143 or 153 (or both) on Information Slip T101, Statement of Resource Expenses, received from a mining corporation, or in box 198 or 242 (or both) on Information Slip T5013, Statement of Partnership Income, received as a member of a partnership.
How to claim this credit
Complete Form T1279, Saskatchewan Mineral Exploration Tax Credit.
Unused mineral exploration tax credit
If you do not use all of your tax credit for this year and you want to carry back the unused amount to previous years, complete lines 8 to 10 of your Form T1279 to calculate the available amount.
Enter, on line 11 of your Form T1279, any part of this amount that you want to carry back to reduce your 2022 Saskatchewan tax. Enter on line 12 any amount you want to carry back to 2021 and on line 13 any amount you want to carry back to 2020.
Any unused amount not carried back to a previous year on line 11, 12 or 13 will be shown on your 2023 notice of assessment or reassessment.
Supporting documents
If you are filing a paper return, attach your Form T1279 and Information Slip T101 and T5013.
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