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ARTICLE · 05 MARCH 2015

Changes To The Taxation Of Resource Industries

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On March 1, 2015, the Government announced two changes of interest to the Canadian resource sector.

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On March 1, 2015, the Government announced two changes of interest to the Canadian resource sector. First, as expected, the Government proposes to extend the "super flow-through share" program for another year in order to continue to promote the exploration and development of mineral resources in Canada. Second, the Government proposes to ensure that the costs associated with undertaking environmental studies and community consultations (that are required in order to obtain an exploration permit) will be eligible for treatment as Canadian Exploration Expenses ("CEE").

Extension of Super Flow-Through Share Program

The super flow-through share program was initially introduced in October 2000 in response to a severe downturn in mineral exploration in Canada. The program had expired at the end of 2005, but was re-introduced in the 2006 Budget in respect of flow-through shares issued pursuant to agreements made after May 1, 2006 and on or before March 31, 2007. The

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