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Canada's Conservatives to extend mining tax credit if re-elected

Published 2015-09-02, 11:17 a/m
© Reuters. Canada's Conservatives to extend mining tax credit if re-elected

OTTAWA, Sept 2 (Reuters) - Canada's ruling Conservatives,
seeking to retain power in a federal election on Oct. 19,
promised on Wednesday to extend exploration tax credits
available to mining firms by three years starting in 2016/17.
Canada is a major center for the world's metal and mineral
exploration companies. Mining firms say they need the tax
credits to help offset falling commodity prices and difficulty
raising funds.
The government said this March it was prolonging the 15
percent tax credit for investors in flow-through shares for an
additional year, until March 31, 2016. The Conservatives say the
credit has helped mining firms raise over C$5.5 billion ($4.1
billion) for exploration.
Prime Minister Stephen Harper said in a statement that the
Conservatives would also bring in an enhanced 25 percent mineral
exploitation tax credit for northern and remote projects.
The enhanced credit would apply to projects in Canada's
northern territories as well as those which are more than 30
miles (50 km) away from an all-weather road or a service center.
This would include areas like the mineral-rich Ring of Fire
in northern Ontario, which lacks highways, rail lines or
reliable power.
($1=$1.33 Canadian)

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