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ARTICLE · 08 APRIL 2013

Significant Mining Sector Tax Measures In 2013 Federal Budget

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The Canadian federal government released its 2013 budget (the Budget) on March 21, 2013 (Budget Day).

CanadaTax
Steve Suarez
Steve Suarez
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The Canadian federal government released its 2013 budget (the Budget) on March 21, 2013 (Budget Day). Included in the Budget were a number of tax measures of relevance to the mining community, in particular with reference to the tax treatment of expenditures made by mining companies.

ACCELERATED CAPITAL COST ALLOWANCE ELIMINATED FOR MINING

Expenditures on certain kinds of capital property ("depreciable property") such as buildings and equipment are the subject of "capital cost allowance" (CCA), the tax version of the accounting concept of depreciation. Each year, the taxpayer is entitled to take as a deduction in computing income a percentage of the remaining expenditure balance in the relevant class of property (the "undepreciated capital cost", or "UCC" of that class). Different classes of property have different depreciation rates. The result is that the cost of the property is deducted from income for tax purposes over a period of years.

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