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This enactment amends the Income Tax Act to give effect to the new
structure for federal income taxation of resource income as announced
in the 2003 Budget and the Department of Finance Technical Paper
``Improving the Income Taxation of the Resource Sector in Canada''
released on March 3, 2003.
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In particular, this enactment includes measures:
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- to implement a deduction for Crown royalties and mining taxes;
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- to eliminate the resource allowance;
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- to reduce the corporate tax rate applicable to resource income;
and
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- to introduce a new 10-per-cent tax credit for qualifying mineral
exploration expenses.
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