Saskatchewan Mineral Exploration Tax Credit (SMETC)
Tax Credit
Description:
The Saskatchewan Mineral Exploration Tax Credit (SMETC) is intended to encourage long-term, sustainable development of Saskatchewan’s mineral resources and to enhance Saskatchewan’s competitiveness in mineral exploration. Saskatchewan residents can invest in mineral exploration activities within the province by purchasing eligible flow-through shares issued by approved mineral exploration companies under the Saskatchewan Mineral Exploration Tax Credit (SMETC) program.
Comments on Funding:
Rolling Deadline
Eligibility:
Applicants must:
1. be individual Investors;
2. be partnerships;
3. be exploration companies;
4. be residents of Saskatchewan.
Application Steps:
1. Any mineral exploration company wishing to issue flow-through shares or flow-through warrants and take advantage of the tax credit must apply to the Saskatchewan Ministry of Energy and Resources.
2.Applicants must submit any applications or inquiries via email to metc@gov.sk.ca.
3. If the application is approved, the company will receive written permission to raise up to a maximum amount of capital for exploration activities in the province.
Documentation Needed:
A mineral exploration company wishing to issue flow-through shares or flow-through warrants and take advantage of the tax credit must submit the following items to the ministry at metc@gov.sk.ca:
1. A copy of the completed Canada Revenue Agency (CRA) Form T100A Flow-Through Share Information – Application for a Selling Instrument T100 Identification Number (SITIN) plus all other related documents required by CRA;
2. A copy of the CRA approval letter containing the Selling Instrument T100 Identification Number (SITIN) or T100 Identification Number (TIN); and
3. A list of the Saskatchewan Disposition Number(s) where the mineral exploration is occurring.
Other Things to Note:
About the author
Maurice
