OMEP—Ontario's exploration incentive
CIM Bulletin, Vol. 74, No. 827, 1981
ROBERT D. BROWN, F.C.A., Senior Tax Partner Price Waterhouse & Co., Toronto
On April 22, 1980, the Ontario government introduced a totally new incentive program for mineral exploration in the province to be effective September 1, 1980. Replacing the former Mineral Exploration Assistance Program (MEAP) and also the assistance formerly provided to the mining sector under the Small Business Development Corporations Act, the new Ontario Mineral Exploration Program (OMEP) promises to offer a valuable benefit to certain eligible applicants.Unfortunately, the program is not without its shortcomings: the eligibility for grants or tax credits under the program is comparatively restrictive, and an October 1980 federal budget provision to amend income tax legislation would blunt some of the originally intended attractiveness of the grants and credits.