Line 224 - Exploration and development expenses

If you invested in petroleum, natural gas, or mining ventures in 2016, but did not participate actively, claim your exploration and development expenses on this line.

If you participated actively, follow the instructions for line 135.

If you have any questions about these expenses, call our business enquiries line.

If you have a tax shelter, see Tax shelters.

How to claim this deduction

Complete Form T1229, Statement of Resource Expenses and Depletion Allowance, using the information the principals of the venture give you, such as T5, T101, or T5013 slips. Read the instructions on the backs of these slips.

Supporting documents

Attach Form T1229 and your T5, T101, and T5013 slips to your paper return. If you do not have these slips, attach a statement identifying you as a participant in the venture. The statement has to show your allocation (the number of units you own, the percentage assigned to you, or the ratio of your units to those of the whole partnership) and give the name and address of the fund.

Completing your tax return

Claim on line 224 your exploration and development expenses (including renounced resource expenses).

Claim on line 232 your depletion allowances.

Forms and publications

• General income tax and benefit package - Guide, return and schedules
• Form T1229, Statement of Resource Expenses and Depletion Allowance
• Income Tax Folio S3-F8-C1, Principal-business Corporations in the Resource Industries

Related topics

• Lines 135 to 143 - Self-employment income
• Line 232 - Other deductions

Date modified:

2017-01-04