Clean Technology Tax Credit Nears Final Approval!

The ITC, proposed in the fall of 2022, has paved the way for Canadian businesses to invest in solar energy with a 20-30% refundable tax credit on their clean technology investments. While eligibility began in March 2023, the bill itself is still progressing through government channels.

We are pleased to announce that the House of Commons has recently voted to adopt all proposed clauses. The bill now advances to the Senate, where it is expected to pass within a few weeks and subsequently become law. Once approved, the CRA will release the necessary forms for businesses to claim the tax credit as part of their regular tax return process.

This milestone brings us one step closer to enabling businesses to leverage government incentives, making their operations cleaner and more sustainable. This initiative will not only enhance public perception but also provide significant cost savings through solar energy investments.

We encourage you to keep an eye on this blog and our Shift social media channels in the coming weeks for confirmation of the new law and further updates on how your business can benefit. Stay tuned!

Read more on the ITC: 2023 Federal Budget Paves The Way For A More Sustainable Future.