I previously submitted a Private Members Bill (Bill C-214) on Qualifying Environmental Trusts. The Liberals are pulling out all of the stops to attempt to throw this bill out. I am standing my ground.
The Income Tax Act provides for a Qualifying Environmental Trust which is a special kind of trust for setting aside reclamation costs for mining sites, waste disposal and quarry sites, as well as pipelines.
My Bill C-214 would amend the Income Tax Act to include trusts that are maintained for the sole purpose of funding the reclamation of an oil or gas well.
At a time when this Government has intervened with an emergency $1.7 Billion to address the historical problem created by excluding oil and gas remediation from being classified as Qualifying Environmental Trusts, why is the Government attempting to disallow a measure that will bring some overdue equity in the treatment of our oil and gas industry?