EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Recent Searches
Tax Alert 2024 No. 53, 7 November 2024
The Department of Finance released for public comment draft legislative proposals relating to the clean technology investment tax credit (ITC) and the clean hydrogen ITC on 12 August 2024.
The clean technology ITC rules were enacted as part of Bill C-59, Fall Economic Statement Implementation Act, 2023, in June 2024.1 The draft legislative proposals include the expansion of the clean technology ITC to include certain equipment that is part of a system that generates electricity or heat (or both) from waste biomass, as first announced in the 2023 Fall Economic Statement.2 Various technical amendments are also included.
The clean hydrogen ITC rules were enacted as part of Bill C-69, Budget Implementation Act, 2024, No. 1, in June 2024.3 The draft legislative proposals include various technical amendments to clarify and expand the clean hydrogen ITC, effective as of 28 March 2023.
This Tax Alert highlights specific clean technology ITC and clean hydrogen ITC updates contained in the latest round of draft legislative proposals.
The proposals described below may undergo further amendments before they are tabled in a bill.
Download this tax alert
Budget information: For up-to-date information on the federal, provincial and territorial budgets, visit ey.com/ca/Budget.