This month, both Federal and Provincial governments provided budget updates in the Fall Economic Statements. Although the focus was on combatting inflation, infrastructure and housing issues, I found a few updates on the government funding for businesses.
Carbon Capture, Utilization, and Storage Tax Credit and Clean Technology Tax Credit will be legislated by spring 2024 and most likely will be open for application in the summer. Other cleantech sector tax credits will be introduced later in 2024.
Canada Growth Fund started its operations and has already announced its first investment. We will research eligibility and application procedures and will share them with you as we get more information.
Ontario Made Manufacturing Investment Tax Credit, a 10% grant on purchasing manufacturing equipment, is still in the works. The Canada Revenue Agency is working on an application form on behalf of the Ontario government. Stay tuned.
To learn more about the Fall Economic Statements, visit the following pages: