How to initialize your resource expenditure
pool
To enter the opening balance of the resource pool for
exploration costs and depletion allowances, please follow the steps
below:
1- On the left side menu of
the " Interview " tab, select
"Interview setup".
2- On the right-hand side of the screen, go to the
"Investment income and expenses" group, check
"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
"Partnerships income, tax shelters".
4- On the screen to the right, choose the line "Resource pool
- Amount to carry forward to beginning
of 2021".
5- Starting in the year 2012, on the page that is displayed, you
will find 7 kinds of resource pools. However, for Quebec residents,
there are 9 kinds of resource pools. Choose the type of pool that
suits you and on the line that starts with "Amount of...",
enter the amount carried forward from the previous year.
For more information on the resource expenditures, please visit
the following CRA link:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-224-exploration-development-expenses.html
ID: 20211027172111CA.xml
Webpage: KPA390-20211027172111CA.htm
