According to the 2014-15 Quebec budget, Quebec has declared several measures that will impact on the mining industry and it proposes to deduct tax credits and confirms that the mining tax regime would be effective from January 1, 2014.
The budget proposes to reduce tax rates of the following tax credits by 20%:
- Resources tax credit that is refundable
- The investment tax credit for a eligible property used mainly in the course of ore smelting, refining or hydrometallurgy activities, rather than ore from a gold or silver mine, extracted from a mineral resource stayed in Canada.
Consequently, the deductions an individual may claim would be equal from 125% to 110% or from 150% to 120% for mining, oil or gas exploration expenses incurred in Quebec.
