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Carbon Capture, Utilization, and Storage (CCUS) Investment Tax Credit (ITC)

none

Value

Varies

Description

The CCUS ITC is a refundable tax credit that applies to eligible expenditures incurred for a qualified CCUS project, from January 1, 2022, to December 31, 2040. This ITC is related to the acquisition of property used to capture CO2 emissions from fuel combustion, industrial process or directly from the air, to transport the captured carbon and to store it or use it in industry. The CCUS ITC is available to a broad range of CCUS applications in different industrial subsectors such as concrete, plastics, and fuels. This ITC is available for CCUS projects to the extent that 10% or more of the captured CO2 is used in an eligible use.

Eligible Applicants

To claim the CCUS ITC, you must:

  • Be a taxable Canadian corporation (including a taxable Canadian corporation that is a member of a partnership)
  • Have a qualified CCUS project for which qualified CCUS expenditures are incurred from January 1, 2022, to December 31, 2040

Eligible Expenses

A CCUS project is a project intended to support a CCUS process through any of the following:

  • Capturing CO2 that would otherwise be released into the atmosphere
  • Capturing CO2 directly from the ambient air
  • Transporting captured carbon
  • Storing or using captured carbon

Deadline Date

Ongoing. Please click the link indicated below for update.

Contact

Contact Name: Contact Natural Resources Canada (NRCan)

E-mail Address: itc_ccus-cii_cusc@nrcan-rncan.gc.ca

Website: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/business-tax-credits/clean-economy-itc/carbon-capture-itc.html

Industry:

Energy & Environment, Other

Location:

Alberta, British Colombia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Nunavut, NWT, Ontario, PEI, Quebec, Saskatchewan, Yukon

Tags:

Tax Credit

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There is grant money waiting for YOU! BUT if you step in a “grant trap,” your application is a NO! Learn the FIVE most common errors to AVOID in government grants! Get the 5 Grant Gotchas now to save you countless hours.

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