About $ 8 billion in tax relief is aimed at energy production, including more generous write-offs for oil and gas operating losses, write-offs for geologic and geophysical expenses, tax credits for marginal producers during times of low prices and provisions for losses to be taken against previous years'profits.
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"With gold prices so low, a lot of mining companies are not able to operate profitably and while marginal producers will go out of business, large companies will have to find ways to cut costs or lose profitability, " said Jim Muir, a senior vice-president with AGF Trust Co ., which has C $ 100 million in assets.
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