Saskatchewan Mineral Exploration Tax Credit

Saskatchewan residents can invest in mineral exploration activities within the province by purchasing eligible flow-through shares issued by approved mineral exploration companies under the Saskatchewan Mineral Exploration Tax Credit (SMETC) program. The SMETC is intended to encourage long-term, sustainable development of Saskatchewan's mineral resources and to enhance Saskatchewan's competitiveness in mineral exploration. Flow-through shares allow mineral exploration companies to renounce or "flow through" tax expenses associated with their Saskatchewan exploration activities to investors, who can deduct the expenses in calculating their own taxable income. The Saskatchewan Mineral Exploration Tax Credit (SMETC) offers a non-refundable 10 per cent tax credit to Saskatchewan taxpayers who invest in eligible flow-through shares issued by mining or exploration companies. The tax credit is 25 per cent (10 per cent provincial and 15 per cent federal)

Grant Deadline

Deadline not available

Funding Amount

Deadline not available

Type of Grant

Tax Credit

Sectors

Demographics

Incorporation

For Profit

Perks

Region Restriction

This grant is restricted to whole of Canada

Keywords

Age Restriction

This grant is age restricted from 18 to 100

Eligibility and Requirements

Individual Investors

• Individuals, other than trusts, may purchase eligible flow-through shares (in accordance with section 66 of the federal Income Tax Act) from an approved mineral exploration company.
• For information on how to purchase eligible flow-through shares, contact a licensed securities dealer/broker. Partnerships
• Investments in partnerships must be broken down to individual investors, and tax credits issued to individuals based on eligible flow-through exploration expenditures within Saskatchewan. Exploration Companies
• Any mineral exploration company wishing to issue flow-through shares or flow-through warrants and take advantage of the tax credit must apply to the Saskatchewan Ministry of Energy and Resources. If the application is approved, the company will receive written permission to raise up to a maximum amount of capital for exploration activities in the province.

Grant Application website

https://www.saskatchewan.ca/business/agriculture-natural-resources-and-industry/mineral-exploration-and-mining/take-advantage-of-the-saskatchewan-mineral-exploration-tax-credit

Contact

For more information on the program, contact metc@gov.sk.ca.