Completing your report for the CRA

The CRA will verify that your report has been published.

Annual climate risk disclosure reports

If you have ownership interest, directly or indirectly, in a qualified CCUS project that is expected to incur $20 million or more of qualified CCUS expenditures (based on the most recent project evaluation), you must produce and publish, in prescribed manner, an annual climate risk disclosure report.

The first report must be published for the first taxation year in which a CCUS ITC is claimed. Subsequent reports must be published for each taxation year that ends before the twenty-first calendar year after the end of the taxation year which includes the first day of commercial operations of the CCUS project.

You must publish this report by the reporting due date, which is the day that is 9 months after the day on which the reporting taxation year for the report ends.

Failure to publish this report will result in a penalty equal to the amount that is the lesser of:

• 4% of the total of all amounts, each of which is the amount of a CCUS tax credit of the corporation in respect of each taxation year that ended before the reporting-due day for the reporting taxation year, and
• $1 million