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Environment committee Once again, I would like to clarify. If you look up the definition of the word "subsidy,” basically, I think most people agree that the reference point is the World Trade Organization's definition. This has already been discussed. Starting from that definition of the word "subsid
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee At the federal level, we have not yet established or published...
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee —a definition of what constitutes a fossil fuel subsidy that would apply to all departments. This is the exercise we are currently undertaking.
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee I am not in a position to confirm this at this point. The finalization of the legislation on this program is ongoing.
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee Sure. The proposal is to essentially allow contracts like flow-through share contracts entered until, I believe, March 31 of next year, 2023, to still qualify for the flow-through treatment. However, for the flow-through agreements in relation to oil and gas and coal, any agreeme
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee Yes. The climate action incentive payment is how the federal government returns the proceeds, so the federal fuel charge, essentially, in four provinces in Canada. About 90% of the fuel charge proceeds are being returned in these provinces through the climate action incentive pay
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee The objective is by the end of 2023. It's also going to be dependent on the time frame with the OECD, which is the chair of the process.
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee You're probably referring to the budget 2022 commitment to eventually introduce an investment tax credit of up to 30% for clean technology. The approach here will be to start discussing and do targeted outreach with experts to determine what types of technologies would qualify fo
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee With respect to the investment tax credit, it is a tax credit, so it's provided through the Income Tax Act. There's no cap per se. There is, however, a time limit. First, the higher income tax credit rates will be enforced until the end of 2030. Then, from 2031 to the end of 2040
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee The government's position on carbon capture technology is very clear. The tax credit proposed in the last budget is not an inefficient fossil fuel subsidy. In the emissions reduction plan that the government recently put forward, it is clear that this technology is critical to me
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee Well, we are—
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee The company may increase the production, but there's no direct link between that incentive and any incentive to increase production.
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee Thank you for the question. I'd like to start by clarifying the Department of Finance's response to the Office of the Auditor General in 2019, I believe. The Department of Finance disagreed with the Office of the Auditor General's statement that the department had not establish
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee You must understand the way the Department of Finance assesses the concept of inefficiency. We are currently conducting a review with Environment and Climate Change Canada of fossil fuel subsidies, and as part of that exercise, we are refining the concept of inefficiency, if I c
May 5th, 2022Committee meeting
Miodrag Jovanovic
Environment committee If I may, I would like to clarify, because I think there's confusion around some important concepts. From at least 2009, the Department of Finance used a fairly clear definition setting out the meaning of a fossil fuel subsidy in a tax context. In fact, this definition was in th
May 5th, 2022Committee meeting
Miodrag Jovanovic