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Mineral Exploration Tax Credit (METC)

Value

Maximum 15% on eligible expenses.

Description

The Mineral Exploration Tax Credit (METC) is designed to help exploration companies raise equity funds. It can be used in addition to the regular tax deduction associated with flow-through share investments. The Mineral Exploration Tax Credit (METC) is designed to help exploration companies raise equity funds. It can be used in addition to the regular tax deduction associated with flow-through share investments.

Eligible Applicants

Individuals (other than a trust) who are deemed to incur eligible exploration expenses, either individually or through a partnership, pursuant to a flow-through-share agreement with a principal-business corporation (PBC), are eligible for the METC. PBCs, for these purposes, are corporations whose principal business is exploration, mining, or mineral processing.

Eligible Expenses

Expenses eligible for the METC are specifically defined as flow-through mining expenditures (FTME). Technically, FTME are restricted to the type of Canadian exploration expenses that are described in paragraph (f) of subsection 66.1(6) of the federal Income Tax Act. For example, costs related to prospecting and carrying out geological, geophysical, or geochemical surveys conducted from or above the surface of the earth in searching for, but not limited to, a base-metal or precious-metal deposit are eligible expenses for METC treatment.

Deadline Date

  Ongoing

Contact

Contact Name: Canada Revenue Agency

Phone Number: 613-670-9064

E-mail Address: itrulingsdirectorate@cra-arc.gc.ca

Website: http://www.nrcan.gc.ca/mining-materials/taxation/8874

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