Energy developments
Mining and oil and gas activity in Canada is considered significant as Canada is the world's 11th largest petroleum producer, the third-largest natural gas producer and among the top five world producers of 15 mineral commodities. Yet, until now, there have been relatively few comprehensive cha...
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Published in | CA Magazine Vol. 135; no. 4; p. 45 |
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Main Authors | , |
Format | Trade Publication Article |
Language | English |
Published |
Toronto
CANADIAN INSTITUTE OF CHARTERED ACCOUNTANTS
01.05.2002
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Subjects | |
Online Access | Get full text |
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Summary: | Mining and oil and gas activity in Canada is considered significant as Canada is the world's 11th largest petroleum producer, the third-largest natural gas producer and among the top five world producers of 15 mineral commodities. Yet, until now, there have been relatively few comprehensive changes to the federal Income Tax Act related to taxation of the energy sector. Changes are looming and they could leave the sector with a great uncertainty about its fiscal regime. Adjustments to the resource allowance regime are coming and they won't be favourable, but the hope is they will at least be fair. To date, developments have been to tighten the rules and restrict incentives available to the mining and oil and gas industry. Although the energy sector is thought of as mining, oil and gas and electrical generation, this article focuses on mining and oil and gas as these are nonrenewable resources and are given different tax treatment compared with electrical generation. |
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ISSN: | 0317-6878 |