Mineral tax requirements for mine ownership changes
Last updated on September 8, 2022If your mine’s ownership changes, a deemed fiscal year end will occur. Your deemed fiscal year end date is the day immediately before the change of ownership took place.
When a deemed fiscal year end occurs, you must:
- File and pay within six months after the deemed fiscal year end date
- Adjust your monthly instalment payment estimate based on the ownership change
- Continue to make your monthly instalment payments
You must follow this process every time your mine's ownership changes, even if it changes multiple times in the year.
Transfer account balances
If you purchase an interest in a mine, you and the vendor can complete a Joint Election of Disposition Proceeds (PDF, 239KB) to transfer the following account balances to you:
- Cumulative Expenditure Account
- Cumulative Tax Credit Account
- Reclamation Tax Credit Account
- Reclamation Cost Account
- Earned Depletion Base Account
If an audit determines you owe tax, you will receive a notice of assessment. You need to pay the balance shown on the notice to avoid additional interest.
If you disagree with the notice of assessment, you can file an appeal. You should still pay your balance even if you're filing an appeal.
Contact information
250-952-0192
250-952-0191
1-800-667-1182