Cenovus Energy Inc T.CVE

What’s the chance the Libs try to force a wealth tax

[meritmat]

On the energy industry?

My biggest fear

[Cabarete1]

I would say good chance. Trudeau will do anything to stay in power, and the NDP will force his hand on it as it makes them look good. Fortunately CVE has paid down enough debt that they could take it. The irony - it will only send oil prices higher.

[JohnSP]

Agreed, precadent has been set with recent new special income surtax just on banks (& insurance co's as often registered as banks). Also agrees if happens in Canada and US will push NA E&Ps to develop less.

[mrbb]

it would add more fuel to western separation movement

[oilandgasmick]

I notice that when high tech companies created a wave of millionaires and billionaires there was no talk of a surtax.  But oh, I forgot, those companies are run by cool people who love the earth. That's completely different.

[meritmat]

Ain't no votes to lose in Alberta/Sask and parts of BC

[mrbb]

gov't is hitting on the bank first Bank of Nova Scotia Chief Executive Officer Brian Porter criticised the Canadian government’s proposed bank tax in prepared remarks to shareholders on Tuesday, calling them a “knee-jerk reaction that sends the wrong message to the global investment community.”   Porter said the proposed tax on banks’ profits would ultimately affect shareholders

[Maxmoe]

Believe it or not, there are way more wealthy people in Ontario and Quebec than alberta/Sask and parts of BC. Believe it or not, wealthy people don't just vote, they pay for the cost of running an election campaign.  

[Maxmoe]

Personally I don't complain about paying my fair share of taxes. My concern would be jacking up the inclusion rate for capital gains. It's a grab from rich and the poor hapless middle class that end up paying for everything whether they figure out that's what happens or not. Rich people will figure out a way to minimize. It's what we do. But that dreaded tax move would drive a lot

[mrbb]

windfall tax myth Elizabeth Warren call for windfall tax on big oil

[downwithdotcom1]

not sure if already meantioned...BNN has a news flash rolling across their screen that the UK is introducing a 25% O&G sector WINDFALL tax..anyone validate??? dwdc

[meritmat]

Yup they brought it in.  Only a matter of time before the Libs pick on the big bad oil companies 

[downwithdotcom1]

not just  the LIBs, REMEMBER the NDP has agreed to underpin the LIBs for this next term as long as the NDP gets their spending program wish list funded ie denistry, childcare  etc and the NDP's top priority was a new windfall bank tax as a way to pay for it..how could the ENERGY sector NOT BE JUST AS COMPELLING to both ??? i'd say its a LOCK!!! hopefully, this sector will take it

[TopStockBuy]

Corporate Taxes and Royalties aren't enough? Time for a revolt. That's sending the wrong message to companies that want to invest in Canada. Oil will just keep going up.

[ReadyayReady]

What are the odds that the introduction of such a tax, or even the serious threat of it, could lead to a re-domiciling of Cenovus to the US, as Ovintiv did? Would that not let us side-step such a tax? Of course there would be other implications.

[meritmat]

Don't think so.  That UK tax effects the North Sea production  from what I read.  They kinda pick and choose what they tax.  Seemed there's lots of factors.   I only skimmed over it 

[TopStockBuy]

Boris Hood The UK introduced a 25% windfall oil and gas tax on Thursday. Prime Minister Boris Johnson’s Conservative government became the first to put into action an argument that the energy industry has profited too much from a surge in commodity prices that are stoking inflation. About 5 billion pounds is expected to be raised, which will finance a one-time payment of 650 pounds to about

[JohnSP]

Didn't I read somewhere that CVE has significant tax pools, or nice dream?

[JohnSP]

Here's one link showing tonnes: https://fintel.io/doc/sec-cenovus-energy-inc-1475260-xml-2022-february-08-19031-8458 CVE's 2020 Annual Report says Cdn and US Tax Pools or CAD9.657 bln: https://www.cenovus.com/invest/docs/2021/2020-annual-report.pdf