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
