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ARTICLE · 21 APRIL 2023

2023 Federal Budget: Important Measures Supporting Canadian Mining Development

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On March 28, 2023, the Government of Canada delivered the 2023 federal budget (the Budget), which, as part of its commitments to support the energy transition economy in Canada...

CanadaEnergy and Natural Resources
Steve Marshall
Steve Marshall
Michael Jason
Michael Jason
Craig Maurice
Craig Maurice
Michael Pickersgill
Michael Pickersgill
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On March 28, 2023, the Government of Canada delivered the 2023 federal budget (the Budget), which, as part of its commitments to support the energy transition economy in Canada, contained several important measures affecting the Canadian mining industry.

Tax credit for critical mineral extraction and processing

The Budget proposed a new tax credit that applies in respect of critical mineral extraction and processing (Tax Credit). The Tax Credit rate is proposed to be equal to 30% of the capital cost of eligible property associated with eligible activities.

The Budget outlines that eligible property will generally include machinery and equipment (including certain industrial vehicles) used for eligible activities, as well as related control systems.

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