- T101D Summary of asistance
Filing forms T101A, B, C AND D
Forms T101A, B, C and D have a checklist to help you prepare a complete return. An authorized officer must sign and date in the "Certification" area each form that is filed.
Who is required to file Forms T101A, B, C and D
A PBC is required to complete and file the appropriate T101 forms to renounce resource expenses (T101A), to reduce or reclassify an amount previously renounced (T101B), to remit any applicable Part XII.6 tax (T101C) or to allocate an amount of assistance among investors (T101D).
Filing deadlines and other dates
The filing deadlines outlined in Forms T101A, B, and C are summarized in Figure 1 on page 4. Year 1 is the year that the agreement was entered into or FTWs exercised as the case may be.
Figure 1: Filing deadlines and other dates
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Year 1
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Year 2
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Year 3
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Year 4
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Effective date of renunciation when using look-back rule – must be December 31 of Year 1 | ||||||||||||||||||||||||||||||||||||||
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Renunciation period when using the look-back rule – must be January, February or March of Year 2 | ||||||||||||||||||||||||||||||||||||
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Latest date to
file a renunciation using the look-back rule without being subject
to penalties if the renunciation was made in March (note: Form T101A must be filed in the month following the month the renunciation was made). |
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Latest date to file Part XII.6 tax without being subject to penalties – before March of Year 3. | ||||||||||||||||||||||||||||||||||||||
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Latest date to renounce expenditures that were incurred in the 24 months following the agreement – before March of Year 4. | ||||||||||||||||||||||||||||||||||||||
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Latest date to file a renunciation made in February of Year 4. | ||||||||||||||||||||||||||||||||||||||
Date of renunciation: This is the date that the renunciation is made, which is generally the earliest date that Form T101A was signed or certified, or when the T101 slips were sent to the investors. This date is relevant since the renunciation must be filed in the month following the month that the renunciation was made.
Consequence of the failure to file Forms T101A or D
If a corporation fails to file Form T101A for expenses renounced pursuant to the provisions of the Act (subsection 66(12.7)), the renunciation will not become effective in accordance with subsection 66(12.7001). In addition, where a corporation receives or is entitled to receive assistance as an agent for the holders of its FTSs and fails to file Form T101D pursuant to the provisions of the Act (subsection 66(12.701)), the expenses relating to the assistance are deemed not to have been incurred by the corporation in accordance with subsection 66(12.702).
T101D – Summary of assistance
In accordance with subsection 66(12.701), the corporation must file this statement reporting the assistance it receives or becomes entitled to receive as an agent before the end of the first month after the particular month in which it first becomes known to the corporation that a person or partnership holding a flow-through share of the corporation is entitled to a share of any part of the assistance.
Filing T101 slips
Complete a T101 slip for each person who owns FTSs for which a renunciation of Canadian resource expenses, an adjustment to an amount previously renounced, or an allocation of assistance has been made, or for whom a federal investment tax credit or provincial tax credit is available.
The renunciation must be made in the name of the shareholder and not the agent. Only the original shareholder is entitled to the renunciation. Failure to satisfy the filing requirements of subsections 66(12.7) to 66(12.702) may result in such expenditures as deemed not to have been incurred by an investor.
Effective date of renunciation: Enter the same date that was reported in Form T101A or B. If the slip is being issued because of assistance flowed out to or to be flowed out to investors, enter the "date of entitlement to assistance" reported in Form T101D.
The investor's portion of the amounts reported on Forms T101A, B, or D should be included in the following boxes:
- Lines 120/121 – CEEs or CDEs reported on line 65 of Form T101A or on line 82 of Form T101B.
- Lines 124/125 – Assistance flowed out or to be flowed out to investors reported on line 70 of Form T101D.
- Line 128 – Expenses qualifying for ITC and reported on line 68 of Form T101A, or on line 84 of Form T101B.
- Line 129 – Expenses qualifying for ITC subject to an interest free period - Include in this box that portion of the expenses that was reduced and that was previously claimed on line 68 of Form T101A using the look-back rule and is attributable to the investor.
- Line 130 – Reduction subject to an interest free period - Include in this box that portion of the reduction that is reported on line 78 or line 81 of Form T101B and is attributable to the investor. Subsection 161(6.2) provides for a grace period on the interest up to April of the year following the date of the renunciation. Failure to identify the amount could lead to additional interest charged to the investor because of the reduction.
- Lines 141, 143, 144 and 145 – Expenses qualifying for a provincial tax credit – Qualifying amount incurred for activities undertaken in a participating province.
Changes to the T101 information slips
If you prepare amended, or cancelled T101 information slips, send our copies of the informaiton slips and any other forms, with a covering note explaining the changes, to the Ottawa Technology Centre.
Amended T101 information slips – If you have to change some of the data on a T101 information slip for a certain investor, prepare another. Select the appropriate box on the right side of the amended information slip and send two copies to the recipient.
Cancelled T101 information slips – If you issued a T101 information slip by mistake and you want to cancel it, prepare another one with the same data as on the original T101 information slip. Clearly print the word CANCELLED at the top of the information slip and send two copies to the recipient.
Duplicate T101 information slips – If you issue a T101 information slip to replace one that a partner has lost or destroyed, prepare another one with the same data as on the original information slip. Select the "Duplicate" box on the right side of the revised information slip and send two copies to the recipient. You do not have to send us our copies of the duplicate T101 information slips.