Two steps back, three steps forward

CIM Bulletin, Vol. 79, No. 885, 1986

ROBERT B. PARSONS, C.A., Partner Price Waterhouse, Toronto

The new Ontario Liberal government introduced its first budget in October. The changes to The Mining Tax Act proposed in the budget are meant to simplify the current system without any loss of revenue to the government. It goes without saying that some operators will benefit from the changes while others will pay more taxes after 1985. With regard to ongoing matters at the federal level, the proposed carve-out legislation and the issue of northern allowances are being discussed with government officials, and a small victory has recently been scored with regard to the taxation of certain share transactions of prospectors and grubstakers. A report on these issues is provided herein.