There are some clean technology related tax credits and funding programs to potentially benefit ILI. As such, the Clean Tech ITC is intended to “encourage investment of capital in the adoption and operation of clean technology property in Canada” such as wind and solar equipment, along with the “carbon capture, utilization, and storage investment tax credit,” and there is even a “clean electricity investment tax credit,” the “clean technology manufacturing tax credit,” and the “clean hydrogen investment tax credit.”
The Clean Tech ITC is a refundable investment tax credit of up to 30% of the capital cost of “clean technology property” acquired by taxable Canadian corporations. In order to qualify for the Clean Tech ITC, clean technology property must be new equipment that is situated in Canada and intended for use exclusively in Canada. The Clean Tech ITC is available in respect of clean technology property acquired on or after March 28, 2023.
Other energy related fields to clean tech include:
Fossil fuels
Renewable energy resources
Nuclear fission and fusion
Electric power
Hydrogen and fuel cells
Energy efficiency
Other energy-related technologies
Want to get a customized list of grants and tax credits available to your business initiatives and as it relates to clean technology? Please email time@timeconsulting.ca with the following information:
- Province your business operates from.
2. The main goal of the project, eg.:
conduct R&D, innovate, develop a product or service; or
start or buy a business
buy or lease equipment or property
grow and expand my business
sell internationally
hire or train employees
increase working capital
increase productivity, quality, safety or efficiency
reduce pollution or improve energy efficiency
develop the local economy and infrastructure
sell, close, or transfer a business, etc.