RAPAPORT... Gail Shea, a member of Parliament and the Minister of National Revenue in Canada, met with Yellowknife's local business community to discuss a number of initiatives the Canada Revenue Agency (CRA) has introduced to reduce the burden placed on small businesses. In particular, Shea extolled the extension of the Mineral Exploration Tax Credit earlier this year, which is intended to promote growth in mineral exploration. This tax incentive is a 15 percent, non-refundable credit designed to support junior exploration companies in particular.
"I am pleased to announce that as part of Economic Action Plan 2012, the Harper government has extended the Mineral Exploration Tax Credit for another year," said Shea. "Whether it's gold, uranium, nickel, potash, or diamonds, mining is a major contributor to our economy and a major source of jobs for Canadians."
During a roundtable discussion with business leaders, Shea also highlighted measures that the government has introduced to help reduce the burden on small businesses including a hiring credit, a secure online portal to ask CRA tax-related questions, new filing web forms and more.
"These improvements to CRA's online services are one way we are cutting red tape for small businesses so they can focus on what they do best: creating jobs and economic growth in communities across Canada," said Shea.