BIG NEWS!! THE GOVERNMENT FINALLY LISTENED AND AGREED TO BOOST THE MINING TAX CREDIT SO OUR NORTHERN COMMUNITIES CAN THRIVE AGAIN!! WE WON THIS FIGHT TOGETHER AND NOW WE WATCH CLOSELY TO ENSURE THEY DELIVER ON EVERY PROMISE MADE!!
April 18, 2020
Final supporters
The Federal Mineral Exploration Tax Credit (METC) helps Canadians by providing a 15% tax credit in support of early stage mining exploration. It drives the funding of greater exploration activity conducted by thousands of Canadian resource workers across the country. Most provinces provide matching credits ranging from 20% in BC to as much as 38% in Quebec. Provincial exploration tax credits have proven effective in these provinces in incenting hundreds of millions of dollars in yearly accretive private sector investment resulting in thousands of direct northern jobs and mine discoveries.
In Ontario, the matching METC is 5%, which is ineffective in attracting investment capital for early stage exploration.
Our recommendation is to immediately increase the Ontario METC from 5% to 25% for a trial period ending March 31, 2021. Based on the experience in BC and Quebec, an increase to 25% will result in the creation of thousands of tax paying jobs in northern Ontario and across the province.
Mining is fundamental to the well-being of this province and the quality of life in northern communities. If this government is truly open for business then a limited time increase in the provincial METC is a low risk, high reward initiative well worth implementing and then measuring. We either incent capital investment in this proven approach or resolve to see the continued withering of a once vibrant sector, long neglected.
Updates
Reached 250 supporters
February 24, 2020
Reached 100 supporters
January 23, 2020
84 Comments
Having worked at Premier Gold Mines since its inception I have seen first hand the benefits of this tax credit. We drilled 50,000 to 100,000 metres per year for more that a decade drill off what is now potentially one of Ontario's next gold mines. This would not have been possible without this tax credit.
Minister Rickford needs to provide more incentives for investors to spend in Ontario and become #1 place to explore. The Far North is largely untapped for exploration and the First Nations want all-season roads. It's time.
As many of you have, I have worked in exploration in both Ontario and Quebec and having the increased credit makes a huge difference on exploration projects and company spend. This will help drive projects in Ontario and in turn be better for the industry and the province.
I HAVE A NUMBER OF HIGH PROFILE MINERAL EXPLORATION PROPERTIES IN ONTARIO. MINING COMPANIES FROM OTHER PROVINCES ARE NOT INTERESTED IN INVESTING IN THEM AT A 5% METC, WHEN THEY CAN INVEST IN OTHER PROVINCES FOR A 25% AND HIGHER METC. WE CANNOT COMPETE BECAUSE OF THIS DISPARITY.
Ontario should seriously consider increasing the METC to 25% to match BC and Quebec's current provincial tax credits which will result in the creation of thousands of tax paying jobs in northern Ontario.
Exploation is the key to the future
bring back exploration in the north
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BIG NEWS!! THE GOVERNMENT FINALLY LISTENED AND AGREED TO BOOST THE MINING TAX CREDIT SO OUR NORTHERN COMMUNITIES CAN THRIVE AGAIN!! WE WON THIS FIGHT TOGETHER AND NOW WE WATCH CLOSELY TO ENSURE THEY DELIVER ON EVERY PROMISE MADE!!
April 18, 2020
Final supporters
The Federal Mineral Exploration Tax Credit (METC) helps Canadians by providing a 15% tax credit in support of early stage mining exploration. It drives the funding of greater exploration activity conducted by thousands of Canadian resource workers across the country. Most provinces provide matching credits ranging from 20% in BC to as much as 38% in Quebec. Provincial exploration tax credits have proven effective in these provinces in incenting hundreds of millions of dollars in yearly accretive private sector investment resulting in thousands of direct northern jobs and mine discoveries.
In Ontario, the matching METC is 5%, which is ineffective in attracting investment capital for early stage exploration.
Our recommendation is to immediately increase the Ontario METC from 5% to 25% for a trial period ending March 31, 2021. Based on the experience in BC and Quebec, an increase to 25% will result in the creation of thousands of tax paying jobs in northern Ontario and across the province.
Mining is fundamental to the well-being of this province and the quality of life in northern communities. If this government is truly open for business then a limited time increase in the provincial METC is a low risk, high reward initiative well worth implementing and then measuring. We either incent capital investment in this proven approach or resolve to see the continued withering of a once vibrant sector, long neglected.
Updates
Reached 250 supporters
February 24, 2020
Reached 100 supporters
January 23, 2020
84 Comments
The incentives offered in Quebec through this program are highly effective and provide Quebec with a significant competitive advantage over Ontario when it comes to attracting mineral exploration investment - it is time for that to change
Having worked at Premier Gold Mines since its inception I have seen first hand the benefits of this tax credit. We drilled 50,000 to 100,000 metres per year for more that a decade drill off what is now potentially one of Ontario's next gold mines. This would not have been possible without this tax credit.
Minister Rickford needs to provide more incentives for investors to spend in Ontario and become #1 place to explore. The Far North is largely untapped for exploration and the First Nations want all-season roads. It's time.
As many of you have, I have worked in exploration in both Ontario and Quebec and having the increased credit makes a huge difference on exploration projects and company spend. This will help drive projects in Ontario and in turn be better for the industry and the province.
I HAVE A NUMBER OF HIGH PROFILE MINERAL EXPLORATION PROPERTIES IN ONTARIO. MINING COMPANIES FROM OTHER PROVINCES ARE NOT INTERESTED IN INVESTING IN THEM AT A 5% METC, WHEN THEY CAN INVEST IN OTHER PROVINCES FOR A 25% AND HIGHER METC. WE CANNOT COMPETE BECAUSE OF THIS DISPARITY.
Ontario should seriously consider increasing the METC to 25% to match BC and Quebec's current provincial tax credits which will result in the creation of thousands of tax paying jobs in northern Ontario.
Exploation is the key to the future
bring back exploration in the north
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The incentives offered in Quebec through this program are highly effective and provide Quebec with a significant competitive advantage over Ontario when it comes to attracting mineral exploration investment - it is time for that to change