Canada extending tax credit for investors in critical mineral exploration

The federal government is extending a tax break for those investing in critical mineral exploration.

Natural Resources Minister Jonathan Wilkinson made the announcement today at the Prospectors and Developers Association of Canada convention in Toronto.

The 15% tax cut is being extended for two more years and is expected to free up $110 million to help develop mining sites, primarily in the North.

Critical minerals have become a leading political issue in recent weeks, thanks to U.S. President Donald Trump’s repeated calls for Canada to be absorbed by the United States.

Prime Minister Justin Trudeau was caught on a hot mic last month saying Trump’s threat was “a real thing” tied to his administration’s desire to access Canada’s critical minerals.

Canada is a key supplier of 13 of the 35 minerals on the United States’ critical list.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.