What is the CTM ITC

The CTM ITC is a refundable tax credit that encourages qualifying taxpayers to invest in CTM property in Canada. This property includes CTM property used in qualifying manufacturing and processing activities or in the extraction and processing of 11 key critical minerals.  

The CTM ITC rate is 30% of the capital cost of eligible property associated with eligible activities (that is a CTM use) that is acquired from January 1, 2024, and that becomes available for use on or before December 31, 2031. The rate is reduced to 20% in 2032, 10% in 2033, and 5% in 2034. The rate is 0% after 2034.