The federal government recently passed new legislation (Bill C-59 and Bill C-69) that includes refundable tax credits for capital invested in the adoption and operation of new clean technology (CT) property in Canada from Mar. 28, 2023 to Dec. 31, 2034.
There are four ITCs:
- Clean Technology ITC (Bill C-59)
- Carbon Capture, Utilization and Storage ITC (Bill C-59)
- Clean Technology Manufacturing ITC (Bill C-69)
- Clean Hydrogen ITC (Bill C-69)
The Clean Technology Manufacturing ITC applies to the investment of capital for clean technology manufacturing and processing and critical mineral extraction and processing. Businesses can receive up to 30% in a refundable tax credit for updating machinery and reducing CO2 emissions at their sites. Details on all four of the ITCs may be found on the Government of Canada’s website.
If you have any questions please contact:
Wendy Stark, Ec.D.
Director, Business Retention & Expansion
Invest WindsorEssex
p: 519-255-9200 Ext. 2225
m: 519-890-8991
e: wstark@investwindsoressex.com
investwindsoressex.com