Canadian ITC news: CRA releases tax forms to claim ITC

Following the CRA webinar with CanREA last week,  the CRA has published the tax forms to claim the Clean Technology ITC.

If you are claiming the tax credit as a partnership, you should use form:  T5013SCH75 Clean Technology Investment Tax Credit. This form can be found here.

If you are claiming the tax credit as a corporation, you should use form: T2SCH75 Clean Technology Investment Tax Credit. This form can be found here.

Here are a few interesting aspects to consider in the form: 

• If you have received a technical opinion from Natural Resources Canada on any of the property for which you are claiming this ITC, attach a copy of it to this schedule.

• Part 1 is focused on the Clean Technology ITC Calculation

• Part 3 is the attestation and the election to meet the Labour Requirements

• Part 4 is where you need to provide details as it relates to the Labour Requirements if you have not met the full requirements; this includes calculating any additions to tax due.

Note that you still need to maintain records and evidence for the ITC calculations, as well as demonstrate that your project complies with the Labour Requirements. While you go through these and consider what they mean for your projects, please keep in mind  that putting in place robust processes to collect, audit and evidence compliance will go a long way to protect your ITC Claim.

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