The B.C. mining exploration tax credit is a refundable income tax credit for eligible corporations that are active members of partnerships conducting mineral exploration in the province. It applies to exploration for all base and precious metals, coal, and some industrial minerals. It does not apply to drilling expenses for oil and gas. Qualified expenses for mining exploration may include:
- Carrying out geological surveys
- Digging test pits
- Preliminary sampling
The credit is calculated as 20% of your qualified expenses less the amount of any assistance received or receivable. This assistance includes reimbursements, grants, subsidies, rebates, and forgivable loans. There is an enhanced rate of 30% available for qualified mineral exploration in the prescribed Mountain Pine Beetle affected areas. You can view a map of the qualifying Mountain Pine Beetle area here.
Claiming the tax credit can get complicated. Davidson & Company will help ensure you’re able to claim the maximum amount you qualify for. Our team not only knows what forms need to be filled out, but when they’re due to help you claim not only the B.C. mining exploration tax credit, but a share of the partnership’s tax credit as well. We will help you get the maximum amount so you can invest it back into your company. Being “big enough to know, small enough to care” means you’ll get the benefit of experienced accountants to take care of all your mining exploration tax credit needs in a timely and efficient manner. Contact us for more details.
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It’s a firm that’s got incredible integrity, and that makes being a client very easy. I met [founding partner] Bill Davidson in 1990. He became the auditor for my first public company, and he’s been doing our work ever since. There are plenty of good reasons for that, not the least of which is, they do a wonderful job, and they treat us well.RANDY TURNER, PRESIDENT & CEO, INDEPENDENCE GOLD CORP
It isn’t your typical accounting firm. There is a real focus here on treating clients well. They make you feel like you’re part of the team. They spend a lot of time getting to know us and getting to know our needs – it’s not just their way or the highway. The relationship is there and established so we can sit down and have a true discussion of what needs to be done and why.TAMMY GILLIS, CFO, NORTHERN LION GOLD CORP
Davidson understands our business – especially the people in our business and that’s what sets it apart so dramatically from the competition.JIM PATERSON, CEO VALORE METALS CORP.