December 23, 2013

Provinces and Federal Government haggle over $81 billion over 30 years in tax windfall from Oil Pipeline Keystone alternate

Last week, the Northern Gateway project was given a tentative green light from a federal review panel with a whopping 209 conditions. The federal cabinet has six months to decide whether it will accept the recommendations, but it has another hurdle to consider, this one constructed by Premier Christy Clark. Somebody, somewhere, is supposed to cough up British Columbia’s “fair share” of the benefits.

There is a very large pie that Ottawa, Alberta and B.C. can expect to share if the pipeline is built. When Ms. Clark laid out her “five conditions” for supporting heavy-oil projects across British Columbia, she said the province’s share under the current tax system isn’t big enough. For 18 months now, this demand has sat without anyone stepping up and offering a solution.

According to B.C., the Northern Gateway project is expected to generate a windfall of $81-billion in provincial and federal government taxation over a 30-year period. Of that total, $36-billion goes to Ottawa and $32-billion to Alberta. B.C. would land $6.7-billion – only slightly ahead of Saskatchewan’s $4-billion.






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