File an Exploration Account Return
You file an Exploration Account Return to report your exploration costs if you:
- Have one or more mines in B.C. that operated commercially
- Had exploration costs during the fiscal year of one of those mines
- Incurred the exploration costs in B.C.
The exploration costs you report are tracked in your Exploration Account and can be allocated to one or more of your mines whenever you choose. To allocate amounts from your Exploration Account to a mine, you must Elect to Allocate Exploration Expenses. The unallocated balance in your Exploration Account earns an Investment Allowance equivalent to what would be earned if the cost was included in a mine’s Cumulative Expenditure Account.
Your Exploration Account Return must be filed within six months after the operator’s fiscal year end. If the due date falls on a weekend or statutory holiday, the due date is the next business day.
When you prepare your return, all amounts must be in Canadian dollars and rounded to the nearest dollar.