17.11°C Vancouver

Nov 4, 2022 5:13 AM - The Canadian Press

Fall budget update promises tax credits for clean electricity and hydrogen production

Share On
fall-budget-update-promises-tax-credits-for-clean-electricity-and-hydrogen-production
Finance Minister Chrystia Freeland's fall economic statement creates two new federal tax credits for clean technology and low-emitting hydrogen production. (Photo - The Canadian Press)

Finance Minister Chrystia Freeland's fall economic statement creates two new federal tax credits for clean technology and low-emitting hydrogen production.

The statement is Freeland's first big push to keep Canada in the clean-tech economy race in the shadow of the massive Inflation Reduction Act south of the border.

But she leaves to next year's budget a lot of the heavy lifting to respond to the U.S. government's massive investments in everything from critical minerals to electric cars and battery parts.

The fiscal update says the specifics of the promised tax credit for clean hydrogen production and new investment measures to spur growth in electric vehicle and battery manufacturing are still in development.

There are more details on the new tax credit for investments in clean electricity generation, energy storage systems and low-carbon heating equipment, including that it will cost nearly $6.7 billion over the next five years and launch the day the 2023 federal budget is tabled.

It will also be the first Canadian tax credit that is more lucrative for companies that pay a fair market wage and have training programs for young workers.

Latest news

hundreds-of-athletes-coming-to-surrey-to-participate-in-surrey-open-tennis-tournament
BCJul 31, 2025

Hundreds of athletes coming to Surrey to participate in Surrey Open tennis tournament

The Surrey Open tennis tournament will officially open on Friday evening at Newton Athletic Park in Surrey, but the tournament's preliminary competitions are set to begin on Thursday evening.The Surrey Open tournament, which starts today, will continue until August 10. Players from not only across the country, including BC, but also from the United States will be seen participating in the tournament. A total of about 700 players will be seen participating in the tournament.The tournament is being organized by the Newton Tennis Club and free food will also be available during the tournament. Th
summer-mcintosh-gets-third-gold-medal-at-the-world-swimming-championships
CanadaJul 31, 2025

Summer McIntosh gets third gold medal at the World Swimming Championships

Canadian swimmer Summer McIntosh has won her third consecutive gold medal at the World Swimming Championships being played in Singapore. Today, Summer McIntosh won the gold medal in the women's 200-meter butterfly event with a timing of 2 minutes 1.99 seconds. Summer McIntosh missed out on setting a world record in the event by just .18 seconds (point 18 seconds). She said she wasn't happy with her swim in the final 25 meters but was happy to win the gold medal. In this event, Regan Smith of the United States won the silver medal and Elizabeth Dekkers of Australia won the bronze medal. Meanwh
canadian-tennis-star-eugenie-bouchard-retires-at-national-bank-open
CanadaJul 31, 2025

Canadian tennis star Eugenie Bouchard retires at National Bank Open

Canadian tennis star Eugenie Bouchard has retired from the game of lawn tennis. She played the final match of her professional tennis career yesterday against Belinda Bencic of Switzerland. In this match, 31-year-old Bouchard, who hails from Westmount, Quebec, suffered a 2-6, 6-3, 4-6 defeat. Before the second-round defeat at the National Bank Open, Bouchard made a winning start to the tournament on Wednesday, winning the first round match with 6-4, 2-6, 6-2. Tennis Canada announced before the start of the National Bank Open that Bouchard would retire at any stage that she exits this tourname
prime-minister-carney-says-canada-will-recognize-a-palestinian-state
CanadaJul 30, 2025

Prime Minister Carney says Canada will recognize a Palestinian state

Canada intends to recognize the state of Palestine at the United Nations General Assembly this September. Prime Minister Mark Carney made the announcement today in Ottawa after holding a virtual meeting with his cabinet. Carney says Palestinian statehood depends on elections next year that do not involve Hamas. The prime minister's announcement comes after British Prime Minister Keir (KEER') Starmer said the U-K would officially recognize a Palestinian state if Israel does not implement a ceasefire and drastically scale up aid in the Gaza Strip. Multiple humanitarian groups say starvation is
world-swimming-championship-2025-canada-wins-bronze-in-4x100m-mixed-medley-relay
CanadaJul 30, 2025

World Swimming Championship 2025: Canada wins bronze in 4X100m mixed medley relay

Canadian swimmers performed well on day 4 of the World Swimming Championships being played in Singapore. On one hand, Canada won a bronze medal today and on the other hand, Summer McIntosh, Kylie Masse and Ingrid Wilm did well in their respective events. Today, Canada won the bronze medal in the 4x100-meter mixed medley relay with a timing of 3 minutes 40.90 seconds, thanks to the performances of Kylie Masse, Oliver Dawson, Josh Liendo and Taylor Ruck. In the semi-finals of the women's 200m butterfly event, Summer McIntosh entered the final with a timing of 2 minutes 6.22 seconds. The 18-year-

Related News