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Clean Technology Manufacturing (CTM) Investment Tax Credit (ITC)

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Value

Varies

Description

The CTM ITC is a refundable tax credit that applies to new clean technology manufacturing (CTM) property that is acquired from January 1, 2024 and that becomes available for use on or before December 31, 2034.

This ITC provides support to qualifying taxpayers investing capital for acquisitions of certain clean technology manufacturing property that is used in qualifying manufacturing and processing activities or the extraction and processing of 6 key critical minerals.

The CTM ITC rate is 30% of the capital cost of eligible property associated with eligible activities. The rate is reduced to 20% in 2032, 10% in 2033, and 5% in 2034.

Eligible Applicants

To claim the CTM ITC you must be a taxable Canadian corporation (including a taxable Canadian corporation that is a member of a partnership).

Eligible Expenses

In order to qualify, in addition to other limitations, CTM property of the taxpayer must:

  • Be property that is situated in and intended for use exclusively in Canada
  • Not have been used, or acquired for use or lease, for any purpose whatever before it was acquired by the taxpayer
  • Meet additional leasing requirements if the property is leased to another person or partnership
  • Not be an excluded property
  • Be included in certain capital cost allowance (CCA) classes, with certain qualifications and exceptions, that generally fall in the following categories:
    • Machinery and equipment used for manufacturing or processing, such as industrial robots used to manufacture electric vehicles or vats used to process cathode active materials
    • Certain tangible property attached to buildings and other structures used for manufacturing or processing or that is required for machinery or equipment, such as ventilation systems used to remove chemical fumes or specialized electrical wiring used to provide power to solar panel manufacturing equipment
    • Certain property used for mineral extraction and processing, such as equipment used to crush rock containing copper ore or kilns used to calcinate nickel ore
    • Certain specialized tooling, such as moulds used to cast copper ingots at smelters or cutting parts of a machine used to cut solar cells
    • Non-road vehicles and automotive equipment, such as electric vehicles designed for use in factories or hydrogen-powered vehicles designed for extracting rock from mine sites

Deadline Date

Ongoing. Please click the link indicated below for update.

Contact

Contact Name: Canada Revenue Agency (CRA)

Phone Number: 1-855-825-3262

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

Industry:

Other, Software/Technology

Location:

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

Tags:

Cleantech, Tax Credit

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