Angus fighting to extend mineral tax credit

Despite pleas from the New Democrats, the Liberals won’t budge on the one year exploration tax credit.

The Mineral Exploration Tax Credit is a 15 per cent credit for exploration companies to raise equity funds. Individuals who have exploration related expenses can also claim it.

Timmins- James Bay MP Charlie Angus and other NDP leaders wanted to extend that tax credit from one year to five, which the Liberal party voted down.

Angus said the new government doesn’t understand the importance of exploration for Northern communities.

“Supporting an extension of the mineral exploration tax credit isn’t rocket science. This would have sent a strong message to a struggling industry that the federal government understands the need to maintain a healthy exploration community. New Democrats are pushing to extend the mineral exploration tax- credit to five years instead of holding the industry hostage for another year.”

This extension of the credit would cushion the economic ups and downs facing people and companies in this industry, specifically the younger ones. If there is a year where they are working but the ore isn’t supplying, they could rely on this credit to ease the cost of the fruitless labour until they do make a pay load.

The Trudeau government has shown no interest in helping the exploration sector of the economy, and Angus said they lost a good chance to help the north.

“Where are the liberal MP’s in Northern Ontario who should be speaking up for exploration? We have been pushing for a strong framework for development that includes the involvement with Indigenous communities, strong environmental standards and a positive investment climate.”

There has been a 90 per cent down turn in exploration since 2007.