Completing your reports for NRCan

Your project evaluation has instructions regarding the reports you are required to complete and how to submit them to NRCan.

Annual progress reports

Taxpayers with an Initial (or Revised) Project Evaluation for their project are required to submit an annual progress report to update NRCan on progress towards claiming the tax credit with CRA.

An annual progress report will become available in the portal to taxpayers when they are issued their Initial (or Revised) Project Evaluation by NRCan. The report will request the following:

• Project milestone updates (e.g., investment decision date, construction start date)
• Information on changes to your project (e.g., ownership changes, addition of a process step)
• Anticipated annual claims to CRA (i.e. CCUS property to be claimed, itemized as per your latest property list returned with the Initial (Revised) Project Evaluation)

The CCUS property you identify in the annual progress reports will be verified against the latest Project Evaluation and CCUS ITC property list, validated through the assessment of the final engineering design of the project.

The technical verification of anticipated annual claims is designed to support CRA in processing the tax credit claim.

Knowledge sharing reports

You are required to provide knowledge sharing reports to be made publicly available if your qualified CCUS project:

• Is expected to incur $250 million or more of qualified CCUS expenditures over the life of the project (based on the most recent project evaluation)

• Has incurred $250 million or more of qualified CCUS expenditures before the first day of commercial operations of the CCUS project

Your knowledge sharing reports will be published by the Department of Natural Resources on a website maintained by the Government of Canada.

Failure to provide knowledge sharing reports to the Minister of Natural Resources will result in a penalty of $2 million, payable on the day following the due date of the report.

Knowledge sharing reports include:

• a construction and completion knowledge sharing report
• annual operations knowledge sharing reports

The knowledge sharing report template is available in NRCan’s applicant portal.

Due date for construction and completion knowledge sharing report

The reporting due date is the last day of the sixth month beginning after the project start-up date.

Due date for annual operations knowledge sharing report

If the report is the first report, and the project start-up date is before October 1 in the calendar year

If the report is the first report, and the project start-up date is before October 1 in the calendar year, the reporting due date is June 30 of the following calendar year.

If the report is the first report, and the project start-up date is after September 30 in the calendar year

If the report is the first report and the project start-up date is after September 30 in the calendar year, the reporting due date is June 30 of the second calendar year after the calendar year which includes the project start-up date.

If the report is not the first report

If the report is not the first report, the reporting due date is each June 30 of the first 4 calendar years immediately following the calendar year which includes the June 30 referred to above.