Surging energy prices have propelled the taxes and royalties paid by public Canadian energy companies to around $48 billion this year, a 200-per-cent year-over-year increase, Michael Harvey, an analyst at RBC Capital Markets, the investment banking arm of Royal Bank, calculated.
In his research note, which was sent to RBC clients on July 19, Harvey said higher crude and natural gas prices were driving corporate profitability and setting the stage for higher royalties, taxes, and energy-related fees to all levels of government. Oil and gas royalties are typically based on sliding-scale formulas that see rates increase significantly at higher commodity prices.
No....the oil and gas belong to us, Canadians.....the industry is not doing us a favour by giving us a potion of the value of the commodity we own. Imagine asking, 'please sir, may I have some more', when you own the porridge and subsidized the construction of the orphanage.
theJagmeetSingh looking forward to you telling us what you are going to replace the $48 billion with. That is the tax they send.
Not helpful. Royalties and taxes are lumped together, but they are very different. Royalty is payment to the owner of a commodity for that commodity. Taxes are generally assessed according to income and so on. So, tell us how much is royalties and how much is taxes.
Just think what Canadians could have if Trudeau hadn’t killed off so many projects going forward.
Just think of how much more tax they would have paid if they didn’t have those green energy losses to write off!
Well, considering tax is based on selling price, demand is high, and oil companies jacked up the price of refined petroleum, the longer the governments of the world can keep prices high the more money they bring in. They will get those subsidies back through taxes.
How long to eliminate $1.3trillion debt with $48B from oil revenues? That's a lot. 1000 billion is a trillion. Does this indicate how much the Liberals actually spent. It's mind boggling.
Man O Man who would of guessed the the big banks would defend big oil ? What say you CPC?
Unhappy about $2/litre + gas? Jonsing to squawk online about it? Best to direct your “outrage” at climate warriors, Putin, and last but not least👇. cdnpoli gasprices
and they took out more than 10 times that. shills