Canadian taxation of oil and gas income

by John V. Krukowski

Publisher: CCH Canadian in Don Mills, Ont

Written in English
Published: Pages: 688 Downloads: 259
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  • Income tax -- Law and legislation -- Canada.,
  • Petroleum -- Taxation -- Law and legislation -- Canada.,
  • Natural gas -- Taxation -- Law and legislation -- Canada.

Edition Notes

Statementby John V. Krukowski ; with Byron D. Caldwell ... [et al.] ; special contribution by Noel A. Cleland.
ContributionsHolland, E. Nicolaas, 1950-
The Physical Object
Paginationxxiv, 688 p. ;
Number of Pages688
ID Numbers
Open LibraryOL17414221M
ISBN 100887964133

Canada’s taxation of natural resources • Corporate income taxes payroll taxes) • Crown royalties (share of the value of oil and gas extracted paid to the. Mrs. Popa is an international specialist in VAT, corporate income tax auditor for over 10 years and possesses a Master in Financial Accounting and Administrative Management. She can offer a wide range of services from accounting and taxation to consulting. Professional Affiliations. Institute of Chartered Accountants of Alberta. The taxation of Canadian oil and gas production has occasioned significant conflict between the federal government and the provinces, which own most of the petroleum resources. During the upheaval of the world oil market in the s, such conflict became overt, with claims and counterclaims on perceived economic rents. The revenues obtained from oil and gas taxation account for roughly half of federal budget revenues (% for crude oil, refined products, and gas condensate and % for natural gas).

About this book This book is a general guide to UK oil and gas taxation as it affects producers, ancillary operators (broadly, contractors) and employees. The book sets out the law in force, announced legislation and practice prevailing at 30 November It is designed to bring out the main features of the regime, to provide broadFile Size: KB. About Oil & Gas Tax. The U.S., state, and foreign goverments impose taxes on oil and gas income, property, and activites. Federal Taxation. Oil and gas is subject to several different U.S. taxes. These taxes include income, excise, and estate and gift taxes. Income Tax. As the term implies, the federal income tax is a tax on income–such as. Buy Taxation of UK Oil and Gas Production: A Non-Proprietorial Regime? by Abdo, Hafez (ISBN: ) from Amazon's Book Store. Everyday low . A listing of the industry codes used on Form T When completing form T, Statement of Business or Professional Activities, form T, Statement of Fishing Activities, or form T, Statement of Farming Activities, you have to enter an industry code that corresponds to your main business activity.. If your business has more than one activity, use the code that most closely .

  In addition to writing Halsbury's Laws of Canada – Oil and Gas, Mr. Thackray is the General Editor for Canadian Oil and Gas, 3rd Edition (LexisNexis), is the author of "Chapter 42 – Oil and Gas" O'Brien's Forms – Canada Law Book and has taught, lectured and written extensively in the field of oil and gas law. BASICS OF OIL AND GAS TAXATION FREDERICK J. TUTHILL Winstead, PC JPMorgan Chase Towers Travis Street Houston, Texas State Bar of Texas 28TH ANNUAL ADVANCED OIL, GAS AND ENERGY RESOURCES LAW COURSE September , Houston CHAPTER   Next story: Oil & Gas Income Trusts, Part 2 — The ‘New Class’ Part 3: The New Canadian Energy Income Trusts. Dennis Hoesgen and Eric Hoesgen are Senior Investment Advisors at Hoesgen Investment Partners in Vancouver, with Canaccord Wealth Management, a division of Canaccord Genuity Corp., Member – Canadian Investor Protection Fund.

Canadian taxation of oil and gas income by John V. Krukowski Download PDF EPUB FB2

Table 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 11 Capital gains 11 Utilization of losses 11 Tax administration 12 Filing requirements and tax payments 12 CorporationsFile Size: 2MB.

This book is intended for business professionals and for others with an interest in the oil and gas industry. It outlines the provisions of Canada’s federal and provincial income tax legislation that are applicable to thisFile Size: 1MB.

Oil and Gas: Federal Income Taxation () is an invaluable single-source handbook for accounting, tax and legal practitioners concerned with financial issues related to oil and gas industry tax law. Highlights for the new edition include: New amortization rules for Major Integrated Oil Companies provided in the Tax Increase Prevention and 5/5(2).

Additional Physical Format: Online version: Krukowski, John V., Canadian taxation of oil and gas income. Don Mills, Ont.: CCH Canadian, © Oil and Canadian taxation of oil and gas income book taxation in the United States Deloitte Taxation and Investment Guides1 Summary The principal U.S.

taxes and rates applicable to companies in the oil and gas extraction business are: • Federal Income Tax 35% (top rate) • Federal Alternative Minimum tax (AMT) 20% • Federal Withholding Tax * o Dividends 30% o Interest 30%.

Additional Physical Format: Online version: Holland, E. Nicolaas, Canadian taxation of oil and gas income. Don Mills, Ont.: CCH Canadian, © Note: Line was line before tax year Royalties are considered payments received as compensation for using or allowing the use of a copyright, patent, trademark, formula, or secret process.

They can also include payments in regard to cinematic films, film works, or television tapes. Royalties may also be income from investments or. Oil and gas taxation in CanadaDeloitte taxation and investment guides 1 Summary The taxes which companies doing business in Canada in the oil and gas industry are generally subject to are: • Federal Corporate Income Tax 15% • Provincial Corporate Income Tax (Varies by Province) 10% to 16% • Crown Royalties Up to45%.

@article{osti_, title = {Canadian oil and gas taxation}, author = {Watkins, C and Scarfe, B}, abstractNote = {The taxation of Canadian oil and gas production has occasioned significant conflict between the federal government and the provinces, which own most of the petroleum resources.

During the upheaval of the world oil market in the s, such conflict became. Framework for investing in the Canadian oil and gas sector. Oil and gas taxation in Canada summarizes the main features of how Canadian oil and gas operations are taxed by the Canadian government and primarily the provincial governments of Alberta, British Columbia, Saskatchewan, New Brunswick, Nova Scotia, and Newfoundland and Labrador.

Authoritative industry references are available in Exhibit Research Materials, Oil and Gas Taxation. The list is also useful for the study of oil and gas taxation.

While the list is not exhaustive, it will provide an excellent introduction. Oil and Gas: Federal Income Taxation () is an invaluable single-source handbook for accounting, tax and legal practitioners concerned with financial issues related to oil and gas industry tax law.

Updated and revised by noted oil and gas taxation authority and educator, Patrick A. Hennessee, Ph.D., CPA, this detailed reference is divided 5/5(2). Admitted to the bar,Alberta. Company-author with R.W. Bowhay of Taxation of Canadian Oil and Gas Income and supplements thereto and of Federal Oil and Gas Taxation, 1st, 2nd, and 3rd Editions.

Tax Adviser, Tax Policy Branch, Department of Finance, Government of Canada, Member: Calgary and Canadian Bar Associations. Notes. When two rates are indicated, the lower rate applies to manufacturing and processing income. In all provinces and territories, the first CAD(CADin Manitoba before ; CADin Saskatchewan) of active business income of a small CCPC is subject to reduced rates that range from 0% to 6% (8% before 28 March ), depending on the.

Canadian oil and natural gas provided $ billion to Canada’s gross domestic product (GDP) insupported almostjobs across the country in and provided $8 billion in average annual revenue to governments for the period to This revenue helps pay for roads, school and hospitals.

How Oil and Natural Gas Contribute. Canadian Resource Taxation. Author: Brian R. Carr; C. Anne Calverley and oil and gas resource sectors quickly and easily. The book discusses in detail the various expenses relating to resource taxation and the calculation of income and the claiming of deductions.

It covers significant taxation areas such as flow-through shares and successor. The taxation of natural resources is one of the more complicated areas of the U.S. federal income tax system.

From the acquisition of the mineral rights, to the exploration and development of the property, to the ultimate production of the mineral, there are unusual and challenging tax aspects along every step of the way.

Oil and Gas: Federal Income Taxation is an invaluable single. Canadian Government revenue from oil and gas royalties Published by Erin Duffin, Taxation of Oil and Gas Production and Royalty Interests the tax free receipt of income up to the original acquisition value.

file a Canadian tax return and claim the same Canadian Oil and Gas Property Expense deduction that a. resident taxpayer would be entitled to claim.

In the past the Canada Revenue Agency has indicated that. The book’s total page may be around The topics covered in this book represent a review of modern approaches and practical methods for analyzing various problems related to geoinformatics of petrophysical rock core analysis.

The petrophysical rock core contains gas or oil which are used as fuel as for energy source. As with many oil producing countries, the oil and gas industry is an important part of the Canadian economy. In fact, it is the largest contributor to Canada's balance of trade. In fact, they are taxable, and the Canada Revenue Agency has asked oil companies to specify the tax treatment related to payments in their agreements with farmers so that there is no confusion.

Gross Production Tax: A state tax imposed on companies that generate revenues by depleting non-renewable resources. Such companies include producers of oil and gas, coal miners and miners of.

The federal budget (Budget ) introduced on March 22 included proposals to amend the Income Tax Act (Canada) (the Tax Act) that will have a meaningful impact on the Canadian oil and gas industry. The proposals: restrict the types of expenses that oil and gas companies may treat as "Canadian exploration expense" (CEE); andAuthor: Brian Milne.

30% for equipment used in natural gas liquefaction (returning to 8% in ), and 10% for buildings at a facility that liquefies natural gas (returning to 6% in ). Provinces levy mining taxes on mineral extraction and royalties on oil and gas production.

Most are deductible for income tax purposes. What you earn from oil and gas royalties is treated as investment income. It's roughly similar to what you'd earn from a business you own, rental property or bond portfolio.

What makes oil and gas royalties unique is how you calculate your income. The Internal Revenue Service allows you to subtract expenses. The other significant point of differentiation is property taxation where Alberta and the rest of Canadian jurisdictions only charge minimal property taxes; compare — the state of Texas levies a % property tax “ on the net present value of the well, which fluctuates with oil and gas prices.” Corporate Income Taxation.

Details and specs: Introduction to Resource Taxation in Canada is an introductory guide to the taxation of the Canadian resource industry.

The authors of the definitive reference work, Canadian Resource Taxation, have written this convenient portable volume to provide a straightforward overview of taxation of the Canadian mining, oil and gas, and renewable energy resource. Canadian Taxation of Non-Residents explores the inbound international tax issues of non-residents in Canada who derive income from Canadian sources.

Oil and Gas: Federal Income Taxation () (U.S.) tax and legal practitioners concerned with financial issues related to oil and gas industry tax law. $ Thorough, in-depth treatment, expert analysis of the issues, laws, regulations, cases & rulings that govern federal income taxation of operations involving minerals other than oil & gas.

1 Volume; Looseleaf; updated annually. Canadian energy trusts took a hit back in when the Canadian government decided to effectively end the tax benefits of the income trust structure for most trusts (REITs were spared). However, ina new version of this old investment vehicle emerged.

These new energy income trusts are created to provide investors with oil [Continue Reading].Oil & gas lease bonuses are considered rental income and are taxed at the same ordinary income tax rates as royalties (see tax rates/brackets above).

Compare the lease bonus to the other s you receive for producing royalties and you’ll see the income is reported in a different box (Box 1 vs. Box 2).OIL AND GAS INDUSTRY Income Taxation of Natural Resourcesby C.W. Russell, C.P.A. 5. Internal Revenue ManualTechniques Handbook for Specialized Industries - Oil and Gas.

6. PublicationService 1 Basic VolumeBulletin Index-Digest.