Canada's clean economy tax credit faces processing bottleneck as most claims remain unprocessed
By
Darius Snieckus
Crackling crust, pillowy middle. The kind of bagel that earns a second cup of coffee.
Summary
Canada's clean economy investment tax credit (ITC) program, a cornerstone of the country's plan to reach net-zero emissions by 2050, is experiencing significant processing delays. Of the 1,750 claims worth $1.6 billion filed under six ITCs, between 69% and 87% remain marked as "in progress" according to CRA data. The Canada Revenue Agency has added about 60 staff to address the backlog, and processing times are reportedly speeding up. Industry observers acknowledge the bottleneck but remain optimistic that the program will become "a great mechanism" once fully operational.
Key quotes
· 3 pulledThe vast majority of claims submitted to Ottawa's flagship clean economy investment tax credit (ITC) scheme remain stuck in the system as the Canada Revenue Agency staffs up the program meant to anchor the country's low-carbon shift.
Of the 1,750 claims worth $1.6 billion filed under the six ITCs designed to help Canada reach net-zero emissions by 2050, between 69 per cent and 87 per cent are currently marked 'in progress,' according to newly released CRA data.
Industry observers say the backlog reflects a growing ap...
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