Deputy Prime Minister and Finance Minister Chrystia Freeland makes her way to a cabinet meeting on Parliament Hill in Ottawa on Thursday, Nov. 3, 2022. (Adrian Wyld/The Canadian Press)

In an attempt to keep up with spending in the U.S. by the just-passed Inflation Reduction Act (IRA), Canada has proposed its version of an investment tax credit (ITC).

In its autumn economic statement, Canada’s Finance Minister Chrystia Freeland unveiled 30-40% tax credits for investments in clean technology and hydrogen projects.

The tax credits cover capital costs for investments made in electricity generation systems like solar, water and wind; storage, such as batteries; and low-carbon heat equipment and industrial zero-emission vehicles used in mining or construction.

The credit will be open as of the first day of the federal budget for the following year and expire in 2035.

After 2030, the tax benefit will gradually disappear.

Saskatoon recently introduced a new home energy retrofit financing program, funded by an 11.1 million dollar investment

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  1. […] — tagTHe Canadian government unveiled its Budget 2023, which includes a clean technology Investment Tax Credit to accelerate the deployment of solar, wind, energy storage and other clean-energy […]

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