Advertisement

No more tax break agreement for Imperial Oil in Nova Scotia

The Imperial Oil refinery is seen in Dartmouth on June 19, 2013.
The Imperial Oil refinery is seen in Dartmouth on June 19, 2013. Andrew Vaughan/The Canadian Press

HALIFAX – The Nova Scotia government plans to end a tax break agreement with Imperial Oil (TSX:IMO) because it no longer operates a refinery in Dartmouth.

Municipal Affairs Minister Mark Furey says since the company is converting its site in Dartmouth to a storage facility, the taxes it pays to the Halifax Regional Municipality should revert to standard property assessment tax rates.

Breaking news from Canada and around the world sent to your email, as it happens.

Furey says changes to the province’s Oil Refineries and L.N.G. Plants Municipal Taxation Act would ensure Imperial Oil pays the same rate of tax as other commercial properties.

Based on the estimated market value of the storage facility, taxes are expected to be $2.6 million, a drop of about $1 million from the taxes paid in 2013-14.

The changes would end a special property tax arrangement that was put in place for Imperial Oil in 2003.

Story continues below advertisement

Furey says the changes would be retroactive to April 1.

Sponsored content

AdChoices