Mineral Tax Requirements for Mine Ownership Changes

If 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) 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