T101 Statement of ressource Expenses

T101 Statement of ressource Expenses

Instructions

Complete a T101 slip for each person who owns flow-through shares for which a renunciation of Canadian resource expenses, an adjustment to an amount previously renounced or an allocation of assistance has been made.

Effective date of renunciation - if this is an adjustment of an amount previously renounced, indicate the effective date of the renunciation that you are adjusting.

Distribution of the copies

Copy 1 - Send to the Canada Revenue Agency with the T101A, B or D by the due date.

Copies 2 and 3 - Send to the person or partnership to whom the expenses are renounced or the assistance is attributed by the same due date as the T101A, B or D.

Copy 4 - Keep for your records.

Instructions - Copy 2 and 3

Keep a copy of this slip for your records and attach the other copy to your income tax return.

See your tax guide for information on how to report your income. Under the Income Tax Act, you have to give your social insurance number (SIN) on request to any person who prepares an information slip for you. If your SIN is not shown on this slip, please contact the issuer and provide it. If you do not have a SIN, you should apply for one through any Service Canada Centre.

Summarize your T101 slips and calculate your deduction and the amount qualifying for an investment Tax Credit on Form T1229 Statement of Exploration and Development Expenses and Depletion Allowances. Each T101 slip should be identified in the form using the appropriate identification number.

Only those T101 slips that have an effective date of renunciation that is within the period of the return being filed should be included in the T1229 statement.

Boxes 120 and 121 - The amount of the renunciation an individual has to report in Area I of the T1229.

Boxes 124 and 125 - The amount of the assistance an individual has to report in Area I of the T1229.

Box 122 - The amount of the expense qualifying for the CMETC that an individual has to report in Area I of the T1229 to assist in calculating the amount to be claimed on line 67175 of Form T2038(IND).

Box 128 - The amount of the expense qualifying for the METC that an individual has to report in Area I of the T1229 to assist in calculating the amount to be claimed on line 67170 of Form T2038(IND).

Boxes 123 and 129 - The portion of the expenses qualifying for ITC that is subject to an interest free period that an individual is entitled to because of an adjustment to an amount affected by the look-back rule. Report in Area I of the T1229.

Box 130 - The portion of the reduction that is subject to an interest free period that an individual is entitled to because of a reduction to a previous renunciation claimed under the look-back rule. Report in Area I of the T1229.

Expenses qualifying for a provincial tax credit - You may be eligible for a provincial tax credit on qualifying expenditures. Please refer to the provincial guide for more information.

Keep a copy of this slip for your records and attach the other copy to your income tax return (in the case of a partnership, attach to related form T5013 Summary filed with the taxation centre)

Instructions - Copy 4

Line 120/121 - CEE and CDE as per line 65 of Form T101A, or line 82 of Form T101B.

Line 124/125 - Assistance flowed out or to be flowed out to investors per line 70 of Form T101D.

Line 122/128 - Expenses qualifying for a federal investment tax credit as per line 68 of Form T101A or line 84 of Form T101B.

Line 123/129 - Portion of the reduction subject to subsection 161(6.2) - Include in this box that portion of the reduction claimed using the look-back rule that was included in line 68 of Form T101A or line 84 of Form T101B, and is attributable to the investor.

Line 130 - Portion of the reduction subject to subsection 161(6.2) - Include in this box that portion of the reduction claimed using the look-back rule that was included on line 65 of Form T101A or line 82 of Form T101B, and is attributable to the investor.

Note: Failure to satisfy the filing requirements in subsections 66(12.7) to 66(12.702) can result in such expenditures as deemed not to have been incurred by an investor.

Original or amended statement - Tick original, amended or duplicate box as the case may be. If it is an amended statement, select the box giving the reason for the change.

Expenses qualifying for a provincial tax credit - Enter the investor's portion of the expenses qualifying for a provincial tax credit if they were incurred in one of the participating provinces as per the provincial allocation on Form T101A or T101B.