Comments on Funding:
The amount of this Ontario Ministry of Finance tax credit is 5% of the applicant’s share of the eligible Ontario exploration expenses incurred during the tax year.
The amount the applicant receives depends on the:
- number of shares purchased from a mining corporation;
- cost per share.
The applicants must:
Applicants must file their personal income tax and benefit return, even if they don’t have any income to report, along the supporting documentation. If they file electronically, they must keep all the documents in case the Canada Revenue Agency requests them at a later date.
Applicants must submit:
- the personal income tax and benefit return;
- the Ontario Credits form (ON479);
- the Ontario Focused Flow-Through Share Resource Expenses (Individuals) form (T1221);
- the credit certification documents they received from the mining exploration company. The certification documents should include either a:
a) statement of Partnership Income (T5013);
b) statement of Resource Expenses (T101).