Finance committee  The mineral exploration tax credit was introduced in 2000 for a three-year period. At the end of that period, it was extended, and has since then been extended on an annual basis, with one exception, a brief period in 2006, when it was allowed to expire. It was reinstated, however, and has subsequently been extended annually since that time.

Finance committee  I'm not sure that I can speak to the motivations of different governments over time, but I can say that the tax credit is designed as additional or extraordinary support to the mining sector that supplements the ongoing permanent support available through flow-through shares to finance their exploration spending.

Finance committee  Mr. Chairman, I would just add for the honourable member that, while the credit is extended for a one-year period, the credit has a feature called a “look-back” rule. When a company issues shares in one year, it has until the end of the following calendar year to expend those funds.