ESTMA

On June 1, 2015, the federal Extractive Sector Transparency Measures Act, ("ESTMA") came into effect for fiscal periods beginning after this date. This new federal legislation imposes mandatory reporting requirements on certain entities engaged in the "commercial development of oil, gas or minerals", which includes exploration, extraction and holding permits. All companies subject to ESTMA are required to report payments over CDN $100,000 made to any level of a Canadian or foreign government, including royalty payments, taxes (other than consumption taxes and personal income taxes), fees, production entitlements, bonuses, dividends (other than ordinary dividends paid to shareholders), infrastructure improvement payments and other prescribed categories of payments.