Canada\u0027s Finance Minister insists spending necessary to prevent de\u002Dindustrialization.
“There are vulnerable Canadians who need that support, so that support is there,” she said.
The tax credits are Canada’s answer to the U.S. Inflation Reduction Act, a legislative suite of proposals that the government had feared would suck in almost all new investment in green projects for initiatives like nuclear and hydrogen.Article content Freeland said even with that additional spending, Canada still has a lower debt-to-GDP ratio than any other G7 nation.
The tax credits for non-emitting sources can include both new and refurbishment projects for power plants, as well as for any power lines to connect provinces. The credits can also be claimed by provincially owned utilities such as Hydro Quebec, which are typically excluded from credit programs. Green hydrogen made from renewable energy sources and emitting near-zero emissions will qualify for the highest credit, while blue hydrogen, made from natural gas, will qualify for the lower credits. Companies will also get higher tax credits if they pay prevailing wages and use union labour.
If implemented, those reductions are estimated to save $15 billion. Freeland said the spending reductions won’t come with any layoffs or hiring freezes.Article content
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