CRA publishes interim instructions for ITCs

Please note that the CRA has published interim guidelines regarding the ITCs. You can find them here.

Note that until the form that details how the ITC was calculated becomes available, you must provide information with your tax return to support your claim.

While we wait for forms, the CRA is engaging with the industry to better understand needs, questions and requests for clarifications. LCAB is currently collating a list of questions for the CRA so please do submit your questions and comments here so we can pass them on. While you go through these and consider what they mean for your projects please keep in mind a few key dates:

• Your project must have been available for use after March 28, 2023

• Projects available for use between March 28 and November 28, 2023 are eligible to the 30% ITC

• Project that are available for use after November 28, 2023 need to comply with Labour Requirements to elect the 30% ITC

• You have 6 months after your year-end date to submit your tax return

• The CRA may accept late filing of the appropriate information, if filed no later than one year after the filing due date (which means you have 18 months to file for your ITC)

As always if you’d like to chat about the ITCs please don’t hesitate to reach out or book time with us