BC Mining Flow-through shares tax credits

Tax Topics
1

Hello,

I have a new client this year that inherited a large portfolio of investments. There is a note on his 2023 NOA that says:

“Based on our records, you have unused British Columbia mining flow-through shares tax credits of $1,962.75 to apply to other years.”

I am not sure what to do with this amount. He is resident in Ontario and has a schedule T1231 attached to his 2023 return with this amount indicated for carryforward. I can’t find T1231 in taxcycle. Not sure if I should just ignore it. Does anyone know where I would enter it?

Thanks!

2

If the province of residence is BC you can find the T1231 in TaxCycle. This form is province specific.

Have a look at this help topic if you need to trigger a multi-jurisdiction return:

3

Thanks @sarka . There is no BC income. Just this carryforward amount. I can’t seem to get the form without entering some BC income.

4

In this case, you can track the carryforward amount for possible application in a future year on the notes page or as a custom field.

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