June 7, 2020

Top news
Oil patch pushes Ottawa for tax breaks on capital investments

Jeff McIntosh/The Canadian Press

  Oil patch pushes Ottawa for tax breaks on capital investments

Emma Graney

Canada’s principal oil industry lobby group is calling for tax breaks from the federal government, arguing they would “level the investment playing field” and draw cash injections to the beleaguered sector at time when it needs them the most.

The Canadian Association of Petroleum Producers (CAPP) wants Ottawa to implement an immediate 100-per-cent tax deduction for capital investments in the sector, including those in clean technology and to reduce emissions. The industry has struggled for months with low oil prices and weak demand as the COVID-19 pandemic has kept people at home and throttled the global economy.

Association president Tim McMillan told The Globe and Mail Thursday a new deduction program would be a “thoughtful tax change” to position Canada for a postpandemic recovery.

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Oil price update
Oil climbs 5 per cent on U.S. jobless drop, OPEC+ meeting hopes

Angus Mordant/Reuters

  Oil climbs 5 per cent on U.S. jobless drop, OPEC+ meeting hopes

Jessica Resnick-Ault

Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts.

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