FEDERAL BUDGET HIGHLIGHTS - 2023ONTARIO PROVINCIAL BUDGET HIGHLIGHTS
Advancing Ontario’s Critical Minerals Strategy, which supports better supply chain connections between industries, resources and workers in Northern Ontario and manufacturing in Southern Ontario, including Ontario-based electric vehicle (EV) and battery manufacturing. The government is investing an additional $3 million in 2023–24 and $3 million in 2024–25 in the Ontario Junior Exploration Program to help more companies search for potential mineral deposits and attract further investments in this growing sector. The government is also continuing work to build the roads to Critical Minerals in Ontario.
FEDERAL BUDGET HIGHLIGHTS
Headlining item is a 30% tax credit on expenses for equipment used to dig, process and recycle minerals. This applies to lithium, nickel, cobalt, graphite, copper and rare earth elements.
Imagine getting a 30% discount on capex simply because you are a miner in Ontario, big F to Ontarians (myself included) - but a big W to the company.