T1229: Statement of Resource Expenses and Depletion Allowance

Form T1229 is used to claim the depletion allowance and to calculate your resource expenditure poolsexploration and development expense deduction, and the renounced expenses you received from owning flow-through shares that qualify for investment tax credits.

Based on the nature of your investment you’ll receive a T5T101, or T5013 slip from the administrator of the venture. You’ll then use the information from one or more of these slips to complete your T1229 form.

Note: Depending on where you live, you might also be able to claim one of the following provincial credits:

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 under the QUICK SLIP icon on the QUICK ENTRY tab.

Where do I claim this?

Follow these steps in H&R Block’s 2018 tax software :

  1. On the PREPARE tab, click the IN THIS SECTION icon. 

  2. In the Investments box, click the Add This Topic button.

  3. Click the PENSION PLANS AND INVESTMENTS icon. You will find yourself here:

    DIY18_PENSION_EN.png

  4. Under the RESOURCE INCOME AND CREDITS heading, select the checkbox labelled Statement of exploration and development expenses and depletion allowance (T1229) then click Continue.

  5. When you arrive at the Statement of exploration and development expenses and depletion allowance page, enter your information into the tax software.
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