8.4.3 (1) The amount of an eligible individual’s Ontario focused flow-through share tax credit for a taxation year for the purposes of subsection 8 (15.6) is the sum of all amounts, each of which is an amount equal to five per cent of the amount of the individual’s eligible Ontario exploration expenditures for the year in respect of an Ontario focused flow-through share that was issued by a mining exploration company and acquired by the eligible individual pursuant to an agreement made after October 17, 2000.  2001, c. 23, s. 132; 2004, c. 16, s. 3. Eligible Ontario exploration expenditures (2) The amount of an individual’s eligible Ontario exploration expenditures for a year in respect of an Ontario focused flow-through share is the amount that would be the individual’s flow-through mining expenditure in respect of the share for the taxation year, as determined under the definition of that term in subsection 127 (9) of the Federal Act, if, (a) the reference to “Canada” in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1 (6) of the Federal Act, as that definition applies for the purpose of the definition of “flow-through mining expenditure” in subsection 127 (9) of that Act, were read as a reference to “Ontario”; (b) the amount of the individual’s flow-through mining expenditure for the taxation year were reduced by the amount of any government assistance or non-government assistance (other than any investment tax credit under subsection 127 (9) of the Federal Act) in respect of expenses included in the individual’s flow-through mining expenditure for the year that, at the time of the filing of the individual’s return of income for the year, the individual has received, is entitled to receive or can reasonably be expected to receive; (c) paragraph (a) of the definition of “flow-through mining expenditure” in subsection 127 (9) of the Federal Act were read without reference to the words “and before 2004”; and (d) the definition of “flow-through mining expenditure” in subsection 127 (9) of the Federal Act were read without reference to paragraph (e).  2001, c. 23, s. 132; 2004, c. 16, s. 3. Application for tax credit (3) No eligible individual may claim a tax credit under this section in respect of an Ontario focused flow-through share unless he or she, (a) makes an application in the return required for the year under this Act; (b) obtains a certificate in a form approved by the Minister from the mining exploration company that issued the share, setting out the amount of Canadian exploration expenditures renounced by the company in the taxation year to the holder of the share; and (c) submits the application and certificate with the tax return required to be filed by the eligible individual under this Act for the taxation year for which the individual claims the tax credit.  2001, c. 23, s. 132; 2004, c. 16, s. 3. Definitions (4) In this section, “eligible individual” means, in respect of a taxation year, an individual other than a trust who is resident in Ontario on the last day of the year and subject to tax under this Act throughout the year; (“particulier admissible”) “mining exploration company” means, in respect of a share issued by it, a corporation, (a) that has a permanent establishment in Ontario at the time any expenditures are incurred that are renounced to the holder of the share, and (b) that is a principal-business corporation as defined in subsection 66 (15) of the Federal Act; (“compagnie d’exploration minière”) “Ontario focused flow-through share” means a flow-through share, as defined in subsection 66 (15) of the Federal Act. (“action accréditive ciblée de l’Ontario”)  2001, c. 23, s. 132; 2004, c. 16, s. 3. Section Amendments with date in force (d/m/y) 2001, c. 23, s. 132
- 1/01/2000 2004, c. 16, s. 3
- 1/01/2004