Finance provides comfort letter opening up statute-barred years for additional s. 20(1)(v) deductions
The Mining Association of Canada suggested that it was inappropriate for taxpayers, who had been provincially reassessed for additional mining taxes to lose the additional s. 20(1)(v) deduction because the reassessed years were now statute-barred. Finance has provided a comfort letter recommending (retroactive to taxation years that end after 2007):
that a deduction for mining taxes be allowed for the taxation year in which the mining taxes are paid if the mining taxes paid are in respect of income from mining operations that were carried on in a prior taxation year of the taxpayer that is barred from reassessment under the Act.
Neal Armstrong. Summary of 3 September 2019 Finance comfort letter under s. 20(1)(v).