Liberals promise tax break for Plan Nord investors by Roberto Rocha (Montreal Gazette – August 10, 2012)posted in Canadian/International Media Resource Articles, Quebec Mining |
QUEBEC CITY – Quebecers will have the chance to invest in the Plan Nord under a Liberal government, and receive a tax break if they do. Premier Jean Charest promised a new savings fund to which Quebecers can contribute a maximum of $5,000 a year and receive a tax credit of 10 per cent, to a limit of $500.
The fund, offered by workers’ venture capital firms like the Quebec Federation of Labour Solidarity Fund and Capital regional et coopérative Desjardins, would invest in companies involved in Plan Nord, the Liberal project to exploit resources in Quebec’s North.
These would include mining, energy and forestry firms, and companies that provide services and supplies for them. This investment would be eligible for a retirement savings plan (RRSP) or a tax-free savings account (TFSA).
This plan is part of Charest’s economic development platform, which has been the main focus of his campaign. He said $30 billion in projects have been announced in Plan Nord. The Liberals are aiming for $80 billion in total investments over 25 years, with $5.5 billion predicted to return to the provincial purse.
Taking a stab at his rivals in the provincial election campaign, Charest said revenues from mining royalties have exploded since the Liberals took over from the Parti Québécois, from $144 million during eight years of PQ rule, to $4 billion during the past 10.