Abstract
Canadian tax law reform which began with the Carter Royal Commis sion on Taxation has culminated in Bill C-259. This article summarizes the current law with respect to income taxation of oil and gas produc tion and then outlines and analyzes the changes in the taxation of the oil and gas industry contained in Bill C-259. The article discusses exploration and development expenses, depletion allowances, the pur chase and sale of oil and gas rights, oil and gas drilling funds, and concludes with the comment that the new law would not appear to unduly impede the growth and development of the Canadian oil and gas industry.
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