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Changes to the Refundable Tax Credit Relating to Resources

In light of the growth of exploration work in Québec, certain rates applicable to the refundable tax credit relating to resources are going to be reduced.

The rates of the tax credit that corporations that do not operate a mineral resource or an oil or gas well may claim for eligible expenses related to mining, oil and gas will be reduced by 10 percentage points. Also, the rate of the tax credit that such corporations may claim for eligible expenses related to other natural resources (dimension stone) will be reduced by five percentage points.

The rates of the tax credit that other corporations may claim for eligible expenses related to mining, oil, gas and other natural resources (dimension stone) will be reduced by five percentage points.

The rates of the tax credit that corporations may claim for eligible renewable and conservation expenses will not be changed.

However, qualified corporations that wish to do so will be able to take advantage of enhanced tax assistance granted by means of the refundable tax credit relating to resources. Any such corporation that expects to incur exploration expenses in the field of mining, oil or gas will be able to benefit from the enhanced tax assistance in exchange for giving the State an option to take an equity stake in the operation. The Ministère des Finances will announce at a later date specific terms and conditions defining such options, which will be managed by Ressources Québec.

The enhanced tax assistance will be in the form of an increased rate applicable to the refundable tax credit relating to resources for eligible expenses incurred after December 31, 2013.

There will be a 10-percentage-point increase in the rate of the tax credit that corporations that do not operate a mineral resource or an oil or gas well may claim for eligible expenses related to mining, oil and gas. There will also be a five-percentage-point increase in the rate of the tax credit that such corporations may claim for eligible expenses related to other natural resources (dimension stone).

There will be a five-percentage-point increase in the rate of the tax credit that other corporations may claim for eligible expenses related to mining, oil, gas and other natural resources (dimension stone).

These changes will apply in respect of eligible expenses incurred after December 31, 2013. Where eligible expenses incurred before January 1, 2014, are reasonably attributable to work carried out after December 31, 2013, such expenses will be deemed to have been incurred after that date.

For further information, see page 53 in Additional Information on the Fiscal Measures of the Budget, published by the Ministère des Finances.

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