Any mineral exploration company wishing to issue flow-through shares or flow-through warrants and take advantage of the tax credit must submit the following items:
- The business number of the corporation;
- A copy of completed Form T100A Flow-Through Share Information – Application for a Selling Instrument T100 Identification Number (SITIN) plus all other related documents required by Canada Revenue Agency;
- The Selling Instrument T100 Identification Number (SITIN) or T100 Identification Number (TIN ) issued by the federal authorities; and
- A completed Certificate of Planned Exploration Expenditures outlining the amount and value of the work to be conducted on each Saskatchewan disposition. If the work is of a reconnaissance nature over undisposed land, then the National Topographic System (NTS) reference of the survey area must be indicated.
The corporation that has issued flow-through shares and completed a share sale must complete and file the following items at appropriate times:
- Form T100B Flow-Through Share Information – Details of the Flow-Through Shares (FTSs) and Flow-Through Warrants (FTWs) Subscribed;
- Form T101 Statement of Resource Expenses;
- A completed Certificate of Incurred Exploration Expenditure; and
- Copies of all the completed SK-METC forms (provided by the Ministry).
Mineral exploration companies and partnership investors are required to complete the SK-METC form to comply with The Mineral Exploration Tax Credit Regulations, 2014 and provide one completed copy to the Ministry.
In the case of partnerships that have purchased eligible flow-through shares and have received a tax credit, it is the partnership’s responsibility to ensure that each of its members be issued the completed SK-METC form including each member’s name, Social Insurance Number, complete address and share in the tax credit. Copies of all documents issued by the partnership to its members must be sent to the Ministry.
It is the responsibility of the corporation to ensure that tax credits issued do not exceed amounts stipulated by the regulations.