For mines that are not remote mines, the rate is 10% of an operator's profit in excess of $500,000 for 2004 and subsequent years. The annual profit exemption of $500,000 must be shared by associated corporations. The mining tax rates are prorated for taxation years which straddle the effective dates. There are adjustments for part ownership of a mine or a short production year. The applicable mining tax rates are as follows:
| pre-May 2, 2000 | May 2, 2000 | Jan 1, 2001 | Jan 1, 2002 | Jan 1, 2003 | Jan 1, 2004 |
|---|---|---|---|---|---|
| 20% | 18% | 16% | 14% | 12% | 10% |
