Line 41200 – Investment tax credit

Note: Line 41200 was line 412 before tax year 2019, and line 45400 was line 454 before tax year 2019.

You may be eligible to claim an investment tax credit (ITC) if any of the following applies:

Certain renounced Canadian exploration expenses qualify for the ITC. You can claim this credit if you received Form T101, Statement of Resource Expenses, or a T5013 slip with an amount in box 194. For more information, see Form T2038(IND), Investment Tax Credit (Individuals).

Completing your tax return

For the current year, complete the appropriate parts of Form T2038(IND) and enter the amount of your credit on line 41200 of the return.

You can carry back the credit you earn for up to three years and use it to reduce your federal tax by completing Part E of Form T2038(IND) and filing it with your paper return.

You can carry forward credits earned in tax years ending after 1997 for up to 20 years by completing Part F of Form T2038(IND) and filing it with your paper return.

You may be able to claim a refund of your unused ITCs. For more information, see line 45400.

Time limits

You must file your Form T2038(IND) no later than 12 months after your tax return's due date for the tax year the expenditure arises.

If you did not file your Form T2038(IND) with your return for the year the ITC was earned and before the deadline stated above, you have to do one of the following:

Send Form T1-ADJ or your signed letter with a completed Form T2038(IND) to the Enquiries and Adjustment Section of your local tax centre to validate any future claim for that credit.

You can also ask for an adjustment electronically using My Account.

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