Tuesday’s federal budget to offer cleantech credit worth more than $3-billion – by Bill Curry, Marieke Walsh and Niall McGee (Globe and Mail – March 28, 2023)


Tuesday’s federal budget will announce a clean-tech manufacturing tax credit aimed at encouraging the mining of critical minerals in Canada, a credit that will be worth more than $3-billion over five years, according to a senior government official.

The 30-per-cent clean-tech manufacturing tax credit can be used to offset the cost of equipment used for mining and processing critical minerals, which are key to the green transition because they are the building blocks of clean-energy technology such as batteries.

The tax credit for manufacturing is separate from two similar programs that have previously been proposed by the government. The 2022 fall economic statement announced a 30-per-cent investment tax credit for clean technologies, which is aimed at the purchase of products that have already been manufactured, such as zero-emission vehicles or clean energy power systems such as solar or wind energy.

The 2022 budget also announced an investment tax credit for clean hydrogen production. The Globe and Mail is not identifying the official because they were not authorized to be named while describing elements of the federal budget.

For the rest of this article: https://www.theglobeandmail.com/politics/article-clean-tech-manufacturing-credit-budget/