Mining Exploration Tax Credit (METC)
No fixed amount
Tax Credit
Description:
The Mining Exploration Tax Credit (METC) is for eligible corporations, and corporations that are active members of partnerships conducting grassroots mineral exploration in BC.
Comments on Funding:
Continuous Intake
Eligibility:
Applicants must be eligible corporations, and corporations that are active members of partnerships conducting grassroots mineral exploration in B.C
Application Steps:
Applicants can claim the credit by:
1. completing Schedule 421, British Columbia Mining Exploration Tax Credit and submitting it with their T2 Corporation Income Tax Return;
2. enter the amount of the credit they’re claiming on line 673 of Schedule 5, Tax Calculation Supplementary – Corporations.
3. To claim a share of a partnership’s tax credit, members of a partnership must also file a completed British Columbia Mining Exploration Tax Credit Partnership Schedule (T1249).
Documentation Needed:
Applicants must provide:
1. a completed Schedule 421, British Columbia Mining Exploration Tax Credit;
2. their T2 Corporation Income Tax Return;
3. a completed British Columbia Mining Exploration Tax Credit Partnership Schedule (T1249), to claim for a partnership’s tax credit.
Other Things to Note:
About the author
Maurice
