Invest Ontario’s Post

New Canadian Clean Economy Tax Credits! The Canadian federal government has introduced four new Clean Economy Tax Credits to support businesses in adopting and creating clean technologies. These credits can be claimed through a corporate tax return (T2) or an amendment if the return has already been filed. Depending on the credit, the reimbursements range from 30% to 40% of eligible expenses. The government is also working on providing a detailed form for ITC calculations, expected to be available in Fall 2024. Until then, taxpayers must include specific information with their return, which can be found on the Clean Economy Investment Tax Credits (ITCs) page on Canada.ca. (https://lnkd.in/gtKGSdeU) The following is a list of some of the eligible expenses for each of the new tax credits. Clean Technology Tax Credit: Eligible if your business purchased items after March 28, 2023: - Equipment for generating electricity from solar, wind, and water energy - Non-fossil fuel electricity storage equipment - Solar heating equipment, heat pumps - Zero-emission vehicles and related equipment - Geothermal energy systems - Concentrated solar energy equipment, small modular nuclear reactors Clean Technology Manufacturing Tax Credit: Eligible if your business started or expanded after January 1, 2024, in: - Manufacturing clean tech equipment (solar, wind, water energy, geothermal, heat pumps, energy storage) - Manufacturing zero-emission vehicle components - Extracting or processing critical minerals - Producing clean fuels (hydrogen, biofuels) - Converting conventional vehicles to zero-emission vehicles Clean Hydrogen Tax Credit: Eligible if your business started or expanded after March 27, 2023, in: - Production of clean hydrogen - Production of clean ammonia Carbon Capture, Utilization, and Storage Tax Credit: Eligible if your business started or expanded after January 1, 2022, in: - Captures CO2 (from the atmosphere or direct sources) - Transports and stores captured carbon If your company develops clean energy sources or related technology, these new tax credits can perfectly complement your existing SR&ED claim, as the majority of expense categories listed above are not already eligible under the SR&ED program. For expert guidance on these new tax credits or assistance with filing your SR&ED claims, please don’t hesitate to contact our firm, Mobile Capital Network. We are dedicated to supporting you in maximizing your benefits and navigating the application process.

🌱 Navigate Canada's Carbon Tax with Confidence 🇨🇦 As Canada embraces sustainability with the carbon tax, staying financially savvy is crucial. As your trusted financial planner, I'm here to help! Let's strategize together to minimize costs, optimize taxes, and seize sustainable investment opportunities. Ready to secure your financial future amidst these changes? Let's chat! #FinancialPlanning #CarbonTax #Canada #Sustainability 💼🌿

🌱 Navigate Canada's Carbon Tax with Confidence 🇨🇦 As Canada embraces sustainability with the carbon tax, staying financially savvy is crucial. As your trusted financial planner, I'm here to help! Let's strategize together to minimize costs, optimize taxes, and seize sustainable investment opportunities. Ready to secure your financial future amidst these changes? Let's chat! #FinancialPlanning #CarbonTax #Canada #Sustainability 💼🌿

The Government of Canada has passed into law the first four Clean Economy Investment Tax Credits (ITCs), set to attract investment, boost innovation, create jobs, and steer the nation's economy towards achieving net-zero emissions by 2050. The post New clean economy legislation to propel Canada’s net zero by 2050 goal appeared first on Offshore Energy.

The federal government has rolled out new tax incentives as part of its initiative to transition Canada to a green economy. We’ve put together a resource, “Federal clean economy tax incentives: A guide to maximizing your green investments,” that outlines what your business needs to know about these incentives. Whether you’re looking to invest in areas like clean technology, clean hydrogen, or carbon capture, our guide covers the key features and eligibility requirements for each credit. Check out the full guide here: https://shr.link/jzipt

Long-term investments in the UK energy sector need a stable and predictable political, fiscal and regulatory environment. Additional taxes such as the UK windfall tax (Energy Profits Levy) reduce investor security in new lower carbon businesses instead of fostering a prosperous investment landscape. #windfalltax

Canadian businesses are relying on support from the federal government to help ease the financial burden of emissions reduction and build net-zero industries and technologies of the future. The federal government previously announced five major investment tax credits to help reduce climate-related costs and incentivize business investment. Explore KPMG's survey findings of over 500 business leaders who want the federal government to fast-track delivery of Canada's 'clean economy' tax credits, their plans to leverage them, and more on business productivity https://lnkd.in/gTS95gx9

Excellent read from KPMG. Digs into how small businesses need support to decarbonize. Equally interesting many of these businesses are already struggling with loans given higher rates.

📢 As a business, you may be eligible for tax credits for investments in Canada that support the transition to net zero emissions. 👉 Read about how the Federal government supports investment with Clean Technology Tax Credits https://lnkd.in/gDF7EU4x

Two years have already passed since Canada announced its ambitious "clean investment tax credits" (ITCs) aimed at propelling the country toward a net-zero economy. Despite their potential, these incentives, potentially worth $27 billion over five years, remain mainly inaccessible to businesses. The good news is that investments can be backdated to qualify. Key Points: - Delayed Implementation: The federal government is yet to finalize the terms, causing a significant delay in accessing these incentives. This includes tax credits for clean electricity, hydrogen, and carbon capture utilization and storage. - Global Race for Green Investment: NDP critic Charlie Angus highlights concerns about Canada lagging in the global movement toward low-emission investments, particularly against the backdrop of the Biden administration's aggressive green policies in the U.S. - The Inflation Reduction Act (IRA): This U.S. policy is reshaping the clean energy landscape, attracting investments and challenging Canada's competitive stance. - Pending Legislation: Despite some draft legislation, key areas like hydrogen, clean manufacturing, and clean electricity credits are still in the conceptual phase. - Urgency and Opportunity: Finance Minister Chrystia Freeland acknowledges the urgency, indicating forthcoming action. Investments are being backdated to encourage and accommodate current initiatives. The delay in formalizing these tax credits is a stumbling block for clean tech companies eager to innovate and invest. As the world races towards a sustainable future, Canada's ability to remain competitive and achieve its climate goals is tied to the swift and effective implementation of these ITCs.