Manitoba Mineral Exploration Tax Credit (MMETC)
The MMETC was introduced in 2002 and renewed in 2007 to encourage and promote exploration and development of mineral deposits in the province. MMETC will more effectively stimulate investment in junior exploration companies operating in Manitoba and complements existing provincial incentives offered under the Mineral Exploration Assistance Program (MEAP).
- The MMETC is a non-refundable personal income tax credit for resident investors in eligible flow-through shares of qualifying mineral exploration companies. Earned credits can only be applied against Manitoba income tax payable.
- Budget 2009 increased the MMETC in two stages: to 20% on flow-through share agreements entered into from April 1, 2009 until March 31, 2010, and to 30% on flow-through share agreements entered into from April 1, 2010 until March 31, 2012.
- MMETC will parallel and top up the 15% federal exploration flow-through share tax credit, providing individual investors with a combined tax credit rate of approximately 35% followed by 45% in the 2010 fiscal year.
- There is no cap on the maximum eligible investment by an individual investor, and no limit on the maximum amount of the tax credit.
- Eligible investments and qualifying exploration activity will be tied to eligibility for the federal Mineral Exploration Tax Credit, except that all of the exploration activity must be undertaken in Manitoba.
For more information, please contact:
Manitoba Innovation, Energy and Mines
Mineral Resources Division
Minerals Policy and Business Development
360-1395 Ellice Avenue
Winnipeg MB R3G 3P2
Telephone: (204) 945-6566
Toll free: 1-800-223-5215
Fax: (204) 945-8427
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