What You Need To Know:
Clean Technology Investment Tax Credit
The CT ITC is a refundable tax credit for investments made in new clean technology. Since it is refundable, corporations receive the ITC
regardless of their tax position and get the ITC when they file their corporate income tax returns.
The ITC has two credit levels, 20% and 30%, which will remain in force until the end of 2033. To qualify for the 30% ITC, you must ensure all workers on your project meet certain labour requirements, including prevailing wage and apprenticeship requirements.
To claim the ITC, you simply file your corporate income tax return. No government approval is required to make a claim; however, the CRA may audit your claim.
A Long Term Solution:
The Big Benefits of the CT ITC
It can be combined with other programs: The refundable tax credit for solar panels can be combined with the 100% Capital Cost Allowance (CCA) deduction AND the Ontario Save on Energy program for a total benefit of as much as 70% of project costs!
Reduce your tax before filing: Corporations can access the benefits of the ITC before filing, as refundable federal tax credits can be included in the calculation of tax installments.*
The solar tax credit for your project is GIVEN. The 20-30% solar tax credit isn’t a grant program, and you don’t need to fill out applications.
Otter Energy and the CT ITC
The Otter Energy Difference
Otter Energy is Ontario’s leading turnkey solar provider, handling all design, engineering, procurement, and construction needs. We have done all due diligence needed to meet the CT ITC requirements. At project completion, we provide a detailed attestation document outlining the Income Tax Act requirements, the tests completed to ensure compliance, and the audit evidence we will retain to support our claim in the event of a CRA audit.
We consistently deliver exceptional quality work, select only tier-one equipment, and our portfolio of high ROI projects is unmatched.
