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Information Regarding Maple Leaf Short Duration 2015-II Flow-Through Limited Partnership CRA Reassessment

March 25, 2022

Information for former Maple Leaf Short Duration 2015-II Flow-Through Limited Partnership investors with respect to the reassessment of Manitok Energy Inc.

 

We regret to inform investors that The Canada Revenue Agency ("CRA") has reassessed Manitok Energy Inc. ("Manitok") to deny certain Canadian exploration expenses ("CEE") that were renounced effective December 31, 2015. This reassessment affects all flow-through limited partnerships that purchased Manitok in 2015, including Maple Leaf Short Duration Flow-Through 2015-II Limited Partnership ("Maple Leaf 2015-II") National and Quebec Class.

 

Manitok represented approximately 9.6% of the Maple Leaf 2015-II portfolio.


The originally reported after-tax return on at-risk capital that included Manitok was as follows:
  • Maple Leaf 2015-II National Class rolled at a NAV of $31.27 with an after-tax return of 91.21%.
  • Maple Leaf 2015-II Quebec Class rolled at a NAV of $23.97 with an after-tax return of 96.18%.
The revised after-tax return on at-risk capital with Manitok not included is now as follows:
  • Maple Leaf 2015-II National Class revised after-tax return is 83.08%.
  • Maple Leaf 2015-II Quebec Class revised after-tax return is 84.22%.

Due to the fact that Manitok declared bankruptcy in 2018, there is unfortunately no recourse for this CRA re-assessment for Maple Leaf 2015-II or any investors. We urge investors to re-file their 2015 income tax return to avoid any future penalties. 

 

For further information, please contact:

Maple Leaf Short Duration Flow-Through Limited Partnerships

1-866-688-5750
Email:  info@mapleleaffunds.ca 
Web:       www.MapleLeafFunds.ca



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