TC Energy

Commenting on the proposed amendments to section 18.2 of the Income Tax Act.

Briefing federal officials about ongoing collaboration between the Department of National Defense, the Canadian Armed Forces and TC Energy, with regard to pumped storage projects.

Bill C-59 contains the legislative tax proposals initiated by the Government in finalizing the excess interest and financing charges limitation in the Income Tax Act and the Investment Tax Credit proposals for carbon capture and ,underground storage . Bill C-59 contains the legislative tax proposals initiated by the Government in finalizing the excess interest and financing charges limitation in the Income Tax Act and the Investment Tax Credit proposals for carbon capture and ,underground storage . Bill C-59, this bill will add the specific measures of the investment tax credit for carbon capture , utilization and storage to the Federal Income tax Act. Bill C-59 tabled on November 30, 2023 brings into force the investment tax credit proposals for eligible machinery and equipment for carbon capture and utilization. Bill C-59 was introduced in the House of Commons on November 30, 2023 implementing the new restriction on interest and financing expenses which impacts the client. Legislation for the restricted interest proposals were introduced in Bill-C-59 on November 30, 2023. Continue to argue for relief from these provisions for hydro related projects coordinated with a Province . Draft legislation was released on February 4, 2022 by the Department of Finance proposing to implement tax measures concerning excessive interest and financing expenses (EIFEL). TC Energy provided a written submission on the proposals to the Department to request grandfathering for existing debt and exemptions for large scale infrastructure projects and clean energy projects.