Fall budget update promises tax credits for clean electricity, hydrogen production

The statement tabled in the House of Commons on Thursday is Freeland’s first big push to keep Canada in the clean-tech economy race in the shadow of the massive Inflation Reduction Act south of the border, and move Canada’s transition to a green economy further along.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

Freeland said the fall update is just the “down payment on the work that lies ahead to respond to the inflation Reduction Act.”tap here to see other videos from our teamMost of the heavy lifting to respond will need to wait until the Liberals introduce the next federal budget, expected in spring 2023.

Freeland made good on that promise, introducing an investment tax credit of up to 30 per cent for renewable electricity systems, industrial electric vehicles, energy storage systems and heat pumps. The credit will kick in the day the 2023 budget is tabled and Freeland expects it to cost almost $6.7 billion over the next five years.Article contentWe apologize, but this video has failed to load.Hydrogen was going to be included in that program but that is no longer the case.

“This does help close the gap between the Inflation Reduction Act in the U.S. and make Canada a little bit more competitive in the clean technology space,” he said.We apologize, but this video has failed to load.Both tax credits will, for the first time, include labour conditions that make them more lucrative for companies that pay fair market wages and include apprenticeship training for young workers.

Government officials indicated Thursday that if the labour conditions are successful in this initial context they likely will become a common part of any future government investment programs.

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Fall budget update promises tax credits for clean electricity, hydrogen productionChrystia Freeland\u0027s fall economic statement creates two new federal tax credits for clean technology and low\u002Demitting hydrogen production.
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