Ring of Fire not mentioned Once in BudgetIn my view it is another very disappointing budget. There is no new money that I can see for the Ring of Fire. Just a rehash of last year's promise...... there is a "Clean Technology Manufacturing Investment Tax Credit"
Canada’s Potential in Critical Minerals As a global leader in mining, Canada is in a prime position to provide a stable resource base for critical minerals that are central to major global industries such as clean technology, auto manufacturing, health care, aerospace, and the digital economy. For nickel and copper alone, the known reserves in Canada are more than 10 million tonnes, with many other potential sources at the exploration stage. The Buy North American provisions for critical minerals and electric vehicles in the U.S. Inflation Reduction Act will create opportunities for Canada. In particular, U.S. acceleration of clean technology manufacturing will require robust supply chains of critical minerals that Canada has in abundance. However, to fully unleash Canada’s potential in critical minerals, we need to ensure a framework is in place to accelerate private investment. Budget 2022 committed $3.8 billion for Canada’s Critical Minerals Strategy to provide foundational support to Canada’s mining sector to take advantage of these new opportunities. The Strategy was published in December 2022. On March 24, 2023, the government launched the Critical Minerals Infrastructure Fund—a new fund announced in Budget 2022 that will allocate $1.5 billion towards energy and transportation projects needed to unlock priority mineral deposits. The new fund will complement other clean energy and transportation supports, such as the Canada Infrastructure Bank and the National Trade Corridors Fund, as well as other federal programs that invest in critical minerals projects, such as the Strategic Innovation Fund. The new Investment Tax Credit for Clean Technology Manufacturing proposed in Budget 2023 will also provide a significant incentive to boost private investment in Canadian critical minerals projects and create.
Clean Technology Manufacturing Investment Tax Credit
While the Clean Technology Investment Tax Credit, first announced in Budget 2022, will provide support to Canadian companies adopting clean technologies, the Clean Technology will provide support to Canadian companies that are manufacturing or processing clean technologies and their precursors. Budget 2023 proposes a refundable tax credit equal to 30 per cent of the cost of investments in new machinery and equipment used to manufacture or process key clean technologies, and extract, process, or recycle key critical minerals, including:
Extraction, processing, or recycling of critical minerals essential for clean technology supply chains, specifically: lithium, cobalt, nickel, graphite, copper, and rare earth elements; - Manufacturing of renewable or nuclear energy equipment; - Processing or recycling of nuclear fuels and heavy water; - Manufacturing of grid-scale electrical energy storage equipment; - Manufacturing of zero-emission vehicles; and, - Manufacturing or processing of certain upstream components and materials for the above activities, such as cathode materials and batteries used in electric vehicles. The investment tax credit is expected to cost $4.5 billion over five years, starting in 2023-24, and an additional $6.6 billion from 2028-29 to 2034-35. The credit would apply to property that is acquired and becomes available for use on or after January 1, 2024, and would no longer be in effect after 2034, subject to a phase-out starting in 2032.