On April 7, 2022, Finance Minister (and Deputy Prime Minister) Chrystia Freeland tabled the Liberal Government's federal budget, A Plan to Grow Our Economy and Make Life More Affordable ("Budget 2022"). Budget 2022 proposes to, among other things:
- eliminate the flow-through share regime for oil, gas and coal activities by no longer allowing oil, gas and coal exploration or development expenditures to be renounced to a flow-through share investor; and
- introduce a new refundable investment tax credit to encourage investment in carbon capture, utilization and storage project development.
For a discussion of these tax measures and others in Budget 2022, please see McCarthy Tétrault's Budget 2022 Commentary.
To view the original article click here
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.