ARTICLE · 27 FEBRUARY 2024

Federal Budget: Measures To Support The Development Of Renewable Energies And Technologies

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With climate change continuing to be a topic of concern across the international community, Canada has recently taken another step to support the development of renewable...

CanadaTax

François Rizcallah

With climate change continuing to be a topic of concern across the international community, Canada has recently taken another step to support the development of renewable energies and technologies. In the 2023 budget tabled on March 28, 2023, the Canadian federal government unveiled new tax incentives aimed at supporting investments in both renewable energies and certain clean technologies. These incentives can be grouped into five main Investment Tax Credits (ITCs).

Clean hydrogen

The Clean Hydrogen ITC covers investments in equipment that will be used in clean hydrogen projects. This refundable credit of up to 40% of investments will be applied to equipment that becomes available for use no later than 2034.

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