Should Canada implement new “green” tax breaks to encourage investment in our oil & gas industry?

According to a recent article in The Financial Post, CIBC CEO Victor Dodig has argued that a targeted tax credit for green initiatives in the oil patch could help lure back foreign investment. What do you think?

“The federal government should provide new environmentally-focused tax breaks as a way of helping the country’s embattled energy industry get out of its current rut, the chief executive officer of Canadian Imperial Bank of Commerce suggested Friday.

Canada should implement a “tailored” tax credit to encourage investment in carbon capture and sequestration equipment, similar to one already in place in the United States, CIBC CEO Victor Dodig said.

“This would enable companies to both immediately expense the depreciation associated with buying the equipment, and ultimately be rewarded on an ongoing basis for capturing and storing emissions,” the CEO said during a speech to the Economic Club of Canada in Calgary.”

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