Ontario Focused Flow-Through Share Tax Credit
no fixed amount
Tax Credit
Description:
Ontario Focused Flow-Through Share Tax Credit is a refundable tax credit available to investors who have invested money in flow-through shares. A flow-through share is a type of investment, which takes place when individuals invest money in a corporation that agrees to spend their money on mining exploration in Ontario.
Comments on Funding:
Rolling deadline
Eligibility:
Applicants must:
1. have lived in Ontario on the last day of the tax year they are filing a return for;
2. have purchased eligible flow-through shares:
a) after October 17, 2000;
b) from a corporation that is permanently established in Ontario.
Application Steps:
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.
Documentation Needed:
Applicants must submit:
1. the personal income tax and benefit return;
2. the Ontario Credits form (ON479);
3. the Ontario Focused Flow-Through Share Resource Expenses (Individuals) form (T1221);
4. 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).
Other Things to Note:
About the author
Maurice
