June 21, 2024 Ottawa, Ontario Natural Resources Canada
As countries around the world race to seize the economic opportunities associated with a net-zero future, the Government of Canada is taking bold action to ensure Canadian workers and industry succeed. The Clean Economy Investment Tax Credits (ITCs), representing $93 billion in federal incentives by 2034-35, will play an essential role in attracting investment, supporting Canadian innovation, creating jobs and driving Canada's economy toward net zero by 2050.
Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, and the Honourable Marie-Claude Bibeau, Minister of National Revenue, announced the passing into law of the first four Clean Economy Investment Tax Credits: the Clean Technology ITC, the Carbon Capture, Utilization and Storage (CCUS) ITC, the Clean Technology Manufacturing ITC, and the Clean Hydrogen ITC.
With the Royal Assent of Bill C-59, the Fall Economic Statement Implementation Act, 2023, eligible businesses can now apply for and claim the Clean Technology and CCUS ITCs. The Clean Technology ITC and CCUS ITC are anticipated to provide eligible companies approximately $11.4 billion in support through 2027-28.
