T1241: Manitoba Mineral Exploration Tax Credit
The Manitoba Mineral Exploration Tax Credit is a non-refundable tax credit available to residents of Manitoba who’ve invested in eligible flow-through shares in a qualified mineral exploration companies engaged in mineral exploration in Manitoba.
With flow-through shares, the company selling them can transfer a portion of their expenses to you, the shareholder, ultimately allowing you to claim a tax credit for these expenses. The credit that can be claimed is equal to 30% of investments in flow-through shares.
The Mineral Exploration Tax Credit is now permanent.
If you don’t need to use your entire credit amount to lower your Manitoba tax payable in 2024, you can carry forward unused amounts for 10 years or back 3 years. You can find your unused credit amount on your most recent notice of assessment or reassessment.
You can claim this tax credit on the T1241 form if you received one of the following two slips, each reporting the qualifying expenses:
- T101: Statement of Resource Expenses (your qualifying expenses will be shown in box 144 of this slip) or
- T5013: Statement of Partnership Income (your qualifying expenses will be shown in box 199 of this slip)
Note: H&R Block’s tax software will automatically complete part of your T1241 based on the information you entered on the T101 or T5013 page.
Where do I claim this?
Follow these steps in H&R Block’s 2024 tax software:
Before you begin, make sure that you told us that you lived in Manitoba on December 31, 2024.
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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 Manitoba mineral exploration tax credit (T1241), then click Continue.
- When you arrive at the page for your Manitoba mineral exploration tax credit, enter your information into the tax software.
