Transcription of A Guide to Oil and Gas Taxation in Canada
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A Guide to Oil and Gas Taxation in Canada
A Guide to oil and gas Ta xa t i o n in CanadaKPMG in Canada | March 2015 | OF CONTENTS 4 Preface 5 Introduction 5 Canada s oil and gas industry 6 The tax environment 7 About this book 7 Glossary 7 Cross-references 7 Index 8 Overview of the Canadian tax regime 8 oil and gas activities 8 Forms of organization 9 Income Taxation 12 Capital gains 12 Utilization of losses 12 Tax administration 13 Filing requirements and tax payments 13 Corporations 13 Individuals 13 Trusts 13 Partnerships 14 Joint ventures 15 Functional currency tax reporting 16 Deductions, allowances, and credits 16 Canadian exploration expenses 17 Canadian development expenses 18 Canadian oil and gas property expenses 18 Foreign resource expenses 19 Successor corporation rules 19 Original owner 19 Successor 20 Predecessor owner 20 Expenses deductible to a predecessor owner and a successor 21 Amalgamations 21 Wind-ups 22 Structure allowing for a qualifying amalgamation of wholly owned subsidiaries 23 Acquisition of co
Canada’s oil and gas industry is important to the nation’s economic well-being. In 2013, exploration and production in this industry were ongoing in 12 of Canada’s 13 provinces and territories. In 2012, the industry contributed approximately $18 billion in
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