Department of Finance Canada announced that Canada opened a consultation to protect Canadian workers and electric vehicle supply chains from unfair Chinese trade practices.
In Budget 2024, the federal government announced its intention to introduce the new 10 per cent EV Supply Chain investment tax credit, to attract investment across at least three supply chain segments:.
It supports nearly 550,000 direct and indirect jobs, contributed $18 billion in 2023 to Canada's GDP, and is one of the country's largest export industries.
The new EV Supply Chain investment tax credit is the government's sixth major economic investment tax credit and complements the 30 per cent Clean Technology Manufacturing investment tax credit.
On June 20, 2024, four of the six major economic investment tax credits received Royal Assent, in Bill C-59 and Bill C-69, providing investors with the certainty needed to create good-paying jobs, grow the economy, and keep Canada on track to net-zero by 2050:.
For project sponsors, public financing and investment tax credits can affect whether major industrial, clean-energy, or resource projects are economic enough to proceed.