July 27, 1942 (19th Parliament, 3rd Session)

LIB

Mr. ILSLEY: (Minister of Finance and Receiver General)

Liberal

1. By the agreement made under the terms of the War Exchange Conservation Act the International Nickel Company of Canada was permitted to take a maximum of $5,000,000 special depreciation in 1941.
2. It is not the practice of the government to disclose in answers to questions the amounts or rates of taxes paid by various taxpayers, but regardless of the rate of taxation paid by this company in 1941 it is the general practice in granting War Exchange Conservation Act agreements to assure that the profits from the expansion of any company's facilities which are made possible by an agreement are sufficient to take care of any special depreciation granted. In the case of International Nickel Company of Canada, as well as in the case of other agreements granted, the project itself and the additional production, with resulting earnings, would not have taken place unless the special depreciation had been granted. There was, therefore, no loss to the treasury in 1941.

Topic:   QUESTIONS
Subtopic:   WAR EXCHANGE CONSERVATION ACT- INTERNATIONAL NICKEL COMPANY
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