PwC Federal Budget Instant Reaction: Eligibility for the mineral exploration tax credit extended one year



    OTTAWA, Jan. 27 /CNW/ - PricewaterhouseCoopers (PwC) Canada tax
specialists commented today:

    Budget 2009 puts forth a one-year extension of the temporary 15% mineral
exploration tax credit helping Canada's important mining sector manage through
the downturn.
    The temporary credit can help companies raise capital for mining
exploration by providing an incentive to individuals who invest in
flow-through shares issued to finance exploration.
    Further, through the one-year "look-back" rule, funds raised with the
benefit of the credit in 2010, for example, can be spent on eligible
exploration activity until the end of 2011.
    The estimated net cost of this extension will be $55 million over the
next two fiscal years.
    A PwC Budget Flash with additional Budget highlights will be issued later
today followed by a detailed Budget Memo. For more information and detailed
commentary on the Budget please contact, Carolyn Forest,
carolyn.forest@ca.pwc.com, 416-814-5730 or visit www.pwc.com/ca/budget.

    PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance,
tax and advisory services to build public trust and enhance value for its
clients and their stakeholders. More than 155,000 people in 153 countries
across our network share their thinking, experience and solutions to develop
fresh perspectives and practical advice. In Canada, PricewaterhouseCoopers LLP
(www.pwc.com/ca) and its related entities have more than 5,200 partners and
staff in offices across the country.
    "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP, an Ontario
limited liability partnership, or, as the context requires, the
PricewaterhouseCoopers global network or other member firms of the network,
each of which is a separate and independent legal entity.





For further information:

For further information: Carolyn Forest, PricewaterhouseCoopers LLP,
(416) 814-5730, carolyn.forest@ca.pwc.com

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FEDERAL BUDGET 2009

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