The federal government is mulling over the idea of imposing restrictions on tax credits and grants for electricity projects. These restrictions would only apply to provinces that commit to achieving an emissions-free electricity grid target by 2035. The federal budget already stated that the new refundable 15% clean electricity investment tax credit, which supports investments in non-emitting electricity production, storage, and interprovincial transmission, would be subject to these restrictions. However, there are also other investment tax credits for hydrogen production, clean technology, and carbon capture and storage systems, amounting to tens of billions of dollars over the next 12 years. Additionally, there is a minimum of $3 billion in grants available for renewable electricity projects and technology upgrades to improve grid efficiency. The federal government has also promised to consider funding transmission lines within provinces in specific situations. Energy Minister Jonathan Wilkinson and Environment Minister Steven Guilbeault recently released a document suggesting that provinces must commit to the 2035 non-emitting electricity grid deadline in order to access these funds for electricity projects. While Wilkinson confirmed that this proposal is under consideration, he emphasized the importance of consultation and finding the best approach to implement these constraints.
National reports suggest Ottawa is contemplating imposing limitations on tax credits for clean electricity
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