Lake Shore Gold Audit
Published on March 15, 2021
As you may be aware, the Canada Revenue Agency (CRA) has reassessed Lake Shore Gold Corp. (our subsidiary) to deny certain Canadian exploration expenses (CEE) incurred in 2014 and 2015. The CRA reassessment reduces the amount of CEE that was renounced to you effective December 31, 2014. Although we are actively disputing the CRA proposal, the CRA has nonetheless indicated that it will begin sending out Notices of Reassessment to affected subscribers.
This website contains important information and procedures you should follow when you receive a Notice of Reassessment. It is divided into three sections. We ask that you carefully read and follow the directions set out in the section that applies to you.
If none of the sections apply to you, or you have any further questions about the information and procedures, please contact your legal or tax advisor.
Update on February 15, 2022
By way of update, we have disputed the CRA proposal by filing a Notice of Objection on July 21, 2021. The CRA proposal remains under active dispute with the CRA. If you hear otherwise from any source, including the CRA, please direct them to this website for clarification.
Applies to individuals that subscribed for units of a flow-though limited partnership and received CEE renunciations indirectly through the limited partnership. These individuals would have received a T5013 Slip indicating the renounced amount.
see Section A
Applies to corporations that subscribed for units of a flow-though limited partnership and received CEE renunciations indirectly through the limited partnership. These corporations would have received a T5013 Slip indicating the renounced amount.
See Section B
Applies to corporations that subscribed for flow-through shares of Lake Shore Gold Corp. and received CEE renunciations directly. These corporations would have received a Form T101 indicating the renounced amount.
See Section C