B.C. Mining Flow-Through Share Income Tax Credit
The B.C. mining flow-through share (B.C. MFTS) tax credit allows individuals who invest in flow-through shares to claim a non-refundable tax credit of 20% of their B.C. flow-through mining expenditures.
B.C. flow-through mining expenditures are specific exploration expenses incurred after July 30, 2001 and renounced by a corporation issuing the flow-through shares.
The expiry date for the B.C. MFTS tax credit is December 31, 2016. Budget 2017 Update proposes to extend the expiry date to December 31, 2017.
- For more information, see the bulletin British Columbia Mining Flow-Through Share Tax Credit (PIT 001) (PDF)
Claiming the Credit
You can claim the credit when you file your T1 Income Tax Return, using the British Columbia Mining Flow-Through Share Tax Credit form (T1231). Enter the amount of the credit you’re claiming on the British Columbia Tax form (BC428).
The tax credit is non-refundable. Any unused credit at the end of a tax year may be carried back 3 years or forward 10 years.
The following legislation applies to the B.C. MFTS tax credit:
- Income Tax Act (B.C.) Section 4.721