T101 Statement of Resource Expenses

Notice to the reader

The critical mineral exploration tax credit (CMETC) is a new 30% investment tax credit for the exploration of specified minerals. The CMETC will only apply to expenditures renounced under eligible flow-through share agreements entered into after April 7, 2022 and before April 1, 2027. Please note that new boxes (122 and 123) have been added to the T101 in order for the Principal Business Corporation (PBC) to allocate eligible resource expenditures to investors under the federal flow-through share program. These eligible resource expenditures will be the basis to calculate the CMETC which will be reported in part B of Form T2038(IND), Investment Tax Credit (Individuals).

New boxes (151, 153, 154) have been added to the T101 to identify the expenses qualifying for a provincial flow-through share tax credit.

Please note that the amount of the related provincial flow-through share tax credit granted by some provinces as government assistance continues to reduce the expenditures qualifying for an investment tax credit in part IV of Form T1229 Statement of resource expenses and depletion allowance. For more information on calculating your provincial flow-through share tax credit, please refer to the form for the relevant province (Manitoba – see form T1241, BC – see form T1231, Saskatchewan – see Form 5008-C SK428 – Saskatchewan Tax, Ontario – see form T1221).

Starting with the 2022 taxation year,

• the eligible resource expenditures qualifying for the Saskatchewan Mineral Exploration Tax Credit (SMETC) will be reported on boxes 143 and 145 of the T101, instead of a Slip SK-METC, Mineral Exploration Tax Credit Certificate;
• the eligible resource expenditures qualifying for the CMETC that also qualify for the SMETC will be reported on box 153 of the T101.

For more information, see box 79, part C on Form 5008-C SK428 - Saskatchewan Tax.