Flow-through tax credit will cost BC $10 million

bill bennett bc ministers of mines AME BC

Minister Bill Bennett in the yellow tie speaks to the crowd after his AME BC luncheon talk on Friday.

British Columbia's minister of mines emphasised his support for the flow through tax credit at an AME BC luncheon talk on Friday and called the current sum spent on credit an investment.

"I wish I could come and tell you some good news on the flow through," said Bennett about the upcoming BC budget this spring. "I don't have any bad news, it's just that I don't have any news at all. I am an advocate for carrying on the programs we currently have in place."

"It was interesting when I asked for an update on taxation on mining I was told that that the flow through tax credit is expected to cost the province $10 million in 2012/13. That to  me is not a cost, that's an investment. That's the way I see it, and that's the way I will represent it."

Bennett hinted that the program could continue.

"I won't say anymore about that. I think we will be OK."

Bennett touted the turnaround in work notices for miners. He noted that the average processing time was 110 days two years ago.

"Fifty percent of the notices of work are now processed in under 60 days and 25% are processed in less than 30 days."

Regarding land claims, Bennett asks the audience to view working with First Nations group as opportunities.

"As a guy who started 30 years ago in politics, my view of First Nations and their relationship with the industry and also the province is quite different now than it was back then. Frankly I used to see First Nations as an impediment to mining. I now see First Nations involvement as an opportunity.

"I think there is great opportunity out there for government and for companies. I think it is about collaboration with mutual benefits. Everybody has to benefit."