Bill C-269 — Loi modifiant la Loi de l’impôt sur le revenu (crédit d’impôt pour la récupération de la chaleur)
Tax break for heat recovery
This proposed law would create a new tax break called the "heat recovery tax credit." It would allow certain companies to lower their taxes. They can do this if they buy special equipment that captures and reuses heat from industrial processes. This equipment must be new and used in Canada. The tax break would be equal to 30% of the cost of the equipment. This proposed law would only affect taxable Canadian corporations. These are companies that pay income tax in Canada. It matters because it could encourage businesses to invest in technology that reduces energy waste. This could help the environment and make businesses more efficient. However, there are some limitations. The company can't have received other government money for the same equipment. Also, if the company later sells or stops using the equipment for heat recovery, they have to pay back the tax break. This proposed law would start in 2025.
Where this proposed law falls on the policy spectrums that Canadians care about
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Inscription gratuite — 30 sThis proposed law offers a tax credit to large Canadian businesses that invest in equipment to reuse waste heat from their industrial operations. This helps them save money and encourages more efficient energy use. However, it only helps big businesses and doesn't cover smaller companies or other ways to save energy.
Things to Watch For
- The credit only helps large Canadian corporations, leaving out smaller businesses and other organizations.
- The law does not clearly define what counts as 'industrial processes,' which could cause confusion.
- Important details about how to apply for the credit will be decided later, so the full picture isn't clear yet.
- There are no clear goals for how much energy this credit is expected to save or how it will help the environment.
- Small businesses might find it hard to afford the initial cost of this equipment, even with the tax credit.
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How likely this proposed law is to be approved
This is a private member's proposed law that is low on the list to be considered. These proposed laws rarely pass unless the government adopts them, which is unlikely at this stage.
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