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Changes to Investment Tax Credit
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| 2009-12-18 |
Bill C-13 which received Royal Assent on June 22, 2006, extended from 10 tax years to 20 tax years the carry-forward period for unused investment tax credits (ITC) earned in tax years ending after 2005. In a news release dated January 21, 2008, the Minister of Finance proposed extending the carry-forward period from 10 tax years to 20 tax years for unused ITC earned by Canadian businesses in the 1998 to 2005 tax years. The Government intends to introduce legislation to provide this tax relief. In the mean time, the CRA will administer this proposal as if it were law.
For further information on the new proposal, please refer to the Department of Finance news release: Government of Canada Provides Flexibility for Canadian Businesses Claiming Investment Tax Credits
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