According to a Mining Association of Canada (MAC) annual report released yesterday, the mining industry paid $8.4 billion to Canada’s federal, provincial, and territorial governments in 2010.
This marked a significant increase from $5.1 billion in 2009. The report detailed the direct revenues that accrue to government from the industry in the form of corporate taxes, royalties and employee income taxes.
MAC president and CEO Pierre Gratton said, “The mining industry makes a significant contribution to Canada’s economy each year, ranging from capital investment, stock market activity, Aboriginal community jobs and training, and northern development.
“The level of payments made to governments detailed in this study is another useful measure of this contribution, particularly valuable because these revenues are used to support health care, education and other critical government services.”
Over the next five years, MAC has estimated that more than $116 billion could be invested in existing and new projects, creating thousands of high-paying jobs in every region of the country and further bolstering government revenues from the sector.
Paul Stothart, vice-president of economic affairs, MAC, added: “The mining industry is critically important to Canada's positioning in the global economy as the country's future success is inherently linked to the continued growth of a competitive and responsible resource industry.”
Jennifer Harrison
Twitter: JHarrisonBIV