Total Federal Mining Reclamation Tax Credit

British Columbia mining reclamation tax credit

Ontario mining reclamation tax credit

(c) A credit may be claimed under this paragraph for an amount of federal or provincial income tax payable in Canada only to the extent that no credit or deduction is claimed for such amount in determining any other tax imposed by the United States, other than the estate tax imposed on property in a qualified domestic trust upon the death of the surviving spouse.

This programme allows a company to claim tax credits on the purchase of domestic equipment if a project is consistent with the industrial policies of the GOC.

Part 1 amends the Income Tax Act in order to create tax-free savings accounts, increase the number of years an individual can contribute to a registered education savings plan, increase tax deductions for northern residents, increase the tax credit for medical expenses, modify the eligibility requirements for the registered disability savings plan (RDSP), extend the mineral exploration tax credit by one year, modify the rules surrounding tax credits for charitable donations, readjust the tax threshold for corporate dividends and put in place various legislative provisions to prevent implementation of the Liberal Bill C-253, which would a ...[+++]llow RDSP contributions to be tax-free.

For the concerned companies, the tax liabilities were small compared to the amount of biodiesel mixture credit claimed; consequently, most of the incentive was received as a direct payment and a smaller amount as a tax reduction.