Canada | Update on proposed federal investment tax credit for carbon capture, utilization and storage

Canada’s Department of Finance released for public comments (due 30 September 2022) draft legislative proposals to the Income Tax Act and the Income Tax Regulations related to the investment tax credit for carbon capture, utilization and storage.

This Alert provides an overview of the current draft legislative proposals.

The rules related to the CCUS investment tax credit continue to evolve as more information is released by the Department of Finance.