10 March 2008
Ottawa, Ontario
The Government supports a vision of a new North that realizes its full social and economic potential and secures its future, for the benefit of all Canadians.
Our integrated Northern Strategy supports this vision by focusing on four integrated priorities: economic and social development, governance, environmental protection, and sovereignty. Budget 2008 builds on these priorities with key measures that will protect and secure Canada’s sovereignty and create more economic opportunities.
The Budget provided:
$720 million for a new Polar class icebreaker to replace the CCGS Louis S. St-Laurent, scheduled to be decommissioned in 2017. The new vessel will have greater icebreaking capabilities than its predecessor.
$20 million over the next two years to carry out the comprehensive mapping of Canada’s seabed in both the Arctic and Atlantic Oceans and fund legal work to support Canada’s submission to the United Nations Commission on the Limits of the Continental Shelf by the end of 2013.
$8 million over the next two years for the construction, operation and management of a commercial fisheries harbour in Pangnirtung, Nunavut to help support fisheries development in the territory, encourage the development of tourism and create local employment.
$10 million annually over the next two taxation years to increase the residency deduction under the Northern Residents Deduction by 10 per cent from $15 to $16.50. This increase will bring the maximum annual amount of the residency deduction to $6022.50 ($16.50 multiplied by 365 days) from $5475 ($15 multiplied by 365 days) for residents of the Northern Zone.
$34 million over the next two years to Natural Resources Canada for geological mapping, primarily focused in Canada’s North, and for logistical support for mapping activities provided by the Polar Continental Shelf Project.
An extension of the 15-per-cent Mineral Exploration Tax Credit until March 31, 2009. The credit is intended to assist companies to raise capital for exploration. Extension of the credit will support continued exploration for new mineral reserves in the North and other regions of Canada. The net fiscal cost is estimated at $120 million over the next two fiscal years.
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