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ARTICLE · 18 APRIL 2012

Mining & The 2012 Federal Budget

Borden Ladner Gervais LLP
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The 2012 federal budget (Budget) was presented by Canada’s Finance Minister Jim Flaherty in the House of Commons on March 29, 2012. The Budget proposes a number of tax initiatives of importance to the mining community.

CanadaEnergy and Natural Resources
Steve Suarez
Steve Suarez
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The 2012 federal budget (Budget) was presented by Canada's Finance Minister Jim Flaherty in the House of Commons on March 29, 2012. The Budget proposes a number of tax initiatives of importance to the mining community.

PRE-PRODUCTION MINING INVESTMENT

TAX CREDIT

Certain mining sector activities relating to qualifying minerals undertaken in Canada by taxable Canadian corporations entitle those corporations to an investment tax credit (ITC) equal to 10% of the amount of qualifying expenditures.1 Qualifying expenditures are those included in the taxpayer's pool of "Canadian exploration expenses" (CEE) by virtue of being incurred on (1) "grass roots" exploration to determine the existence, location, extent or quality of a mineral deposit in Canada (exploration expenses), or (2) activities undertaken in order to bring a new mine in Canada into production (development expenses), in each case incurred before the mine is producing in reasonable commercial quantities.

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