You may be eligible to claim an investment tax credit (ITC) if any of the following applies:
Certain renounced Canadian exploration expenses, qualify for the ITC. You can claim this credit if you received Form T101, Statement of Resource Expenses, or a T5013A slip, Statement of Partnership Income for Tax Shelters and Renounced Resource Expenses, with an amount in box 128. See Form T2038(IND), Investment Tax Credit (Individuals) for more information.
How to claim
For the current year, complete part A of Form T2038(IND), Investment Tax Credit (Individuals) and enter the amount of your credit on line 412 of Schedule 1 of your income tax return.
You can carry back the credit you earn for up to three years and use it to reduce your federal tax. To do this, complete Part B of form T2038(IND).
You can carry forward for up to 20 years credits earned in tax years that end after 1997. Submit form T2038(IND) with your tax return.
You may be able to claim a refund of your unused ITCs. For more information, see Line 454 - Refund of investment tax credit.
You must send your form T2038(IND) no later than 12 months after your income tax return's due date, for the tax year in which the expenditure arises.
If you did not file your form T2038(IND) with your tax return for the year it was earned, you should submit, before the deadline stated above, a Form T1-ADJ, T1 Adjustment Request, or a signed letter indicating your name, address, daytime telephone number, and social insurance number, with the completed form T2038(IND) to the Enquiries and Adjustment Section of your local tax centre to validate any future claim for that credit.
Also, you can ask for an adjustment electronically. To do this, use My Account.
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