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ARTICLE · 13 MAY 2013

Québec Government Proposes A New Mining Tax Regime

Davies Ward Phillips & Vineberg LLP
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The provincial Minister of Finance has recently released a proposal for a new Québec mining tax regime which would replace the current framework enacted under the Mining Tax Act on June 6, 2011.

CanadaTax
Anthony Arquin
Anthony Arquin
Brian Kujavsky
Brian Kujavsky
Michael Kandev
Michael Kandev
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On May 6, 2013, the provincial Minister of Finance released a proposal for a new Québec mining tax regime (the "Regime") which would replace the current framework enacted under the Mining Tax Act on June 6, 2011.

The Regime supplements the federal and provincial income tax system, but the mining tax under the Regime is deductible for income tax purposes.

Background and existing regime

In 2011, GDP related to mining operations in Québec amounted to $2.9 billion, which represents 1.0% of Québec's total GDP. The existing mining tax regime in Québec currently provides for a 16% fixed royalty on profits calculated on a 'mine-by-mine' basis, which means that a loss on one mine cannot be used to reduce the profits generated by another mine.

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