T1229: Statement of Resource Expenses and Depletion Allowance
Form T1229 is used to claim the depletion allowance and to calculate your resource expenditure pools, exploration and development expense deduction, and the renounced expenses you received from owning flow-through shares that qualify for investment tax credits.
Based on the type of your investment you’ll receive a T5, T101, or T5013 slip from the administrator of the venture. H&R Block’s tax software will automatically use the information you enter on the T5, T101, or T5013 page(s) to complete your T1229 form.
Note: Depending on where you live, you might also be able to claim one of the following provincial credits:
- British Columbia Mining Flow-through Share Tax Credit
- British Columbia Mining Exploration Tax Credit
- Manitoba Mineral Exploration Tax Credit
- Ontario Focused Flow-through Share Tax Credit
- Saskatchewan Mineral Exploration Tax Credit
I’m a resident of Québec
As a resident of Québec you can claim a deduction for your exploration and development expenses on your tax return. Your expenses will be shown on one of the following slips:
H&R Block’s tax software will automatically calculate and claim your deduction amount based on the information you entered on the RL-11 or RL-15 page on the Smart Search page under the Government slips tab from the left navigation menu.
Where do I claim this?
Follow these steps in H&R Block’s 2024 tax software :
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On the left navigation menu, under the Credits & deductions tab, click Tax Topics.
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Select the Investment income & expenses checkbox.
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At the bottom of the page, click Add selected topics to my return.
- Under the RESOURCE INCOME AND CREDITS heading, select the checkbox labelled Statement of exploration and development expenses and depletion allowance (T1229) then click Continue.
- When you arrive at the Statement of exploration and development expenses and depletion allowance page, enter your information into the tax software.
