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The Clean Technology Investment Tax Credit is a refundable tax credit for eligible investments in clean technology manufacturing and processing, and critical mineral extraction and processing.
Funding
The tax credit rate is 30% of the capital cost of eligible property. The Clean Tech ITC will be reduced to 15% for property that becomes available for use in 2034 and will no longer be in effect after 2034.
Eligibility
The project must use equipment from 2023-2035 for clean energy or emissions reduction, with NRC approval. It must meet labour requirements (50% Canadians, 10% underrepresented groups, 5% apprentices) and disclose climate risks while sharing knowledge publicly.
Application
The application process can be detailed, and the eligibility criteria are rigorous. With our expertise, we can guide your company through the complexities and help you take full advantage of this program to boost your sustainability efforts and market position.
Management
We support our clients throughout the claim process, from the request for certificates to the delivery of tax forms.
How Long Does It Take To Receive Funding?
The processing time for CT ITC largely depends on when the property becomes available for use and how quickly your claim is processed through CRA. For a smoother process, working with ABGi that is familiar with the CT ITC can help expedite the filing and compliance requirements.
Can I Use An External Consultant For Assistance?
Yes, you can use an external consultant to assist with CT ITC application process. Our consultants can provide valuable expertise, ensuring that your application is compliant with the rules and maximizing the available credits.
Can I Claim Both SR&ED Tax Credit and CT ITC?
Yes. It is possible to claim SR&ED tax credit even if you are receiving CT ITC funding. However, an analysis needs to be conducted to avoid any double-dipping risk.
