T1241 - Manitoba mineral exploration tax
credit
Complete 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:
https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-3-property-investments-savings-plans/series-3-property-investments-savings-plan-folio-8-resource-properties/income-tax-folio-s3-f8-c1-principal-business-corporations-resource-industries.html
Manitoba:
https://www.gov.mb.ca/finance/personal/pcredits.html#mineral
ID: 20211116115601DE.xml
Webpage: KPA380-20211116115601DE.htm
