Galaxy Power Applauds the Canadian Clean Technology Tax Incentives of Budget 2022
I have always proposed that Galaxy Power is a non-partisan organization. While contributing very significantly to reduce global Greenhouse Gas Emissions (GHG’s), expanding Clean Technology Flow Through Shares is not only important to Galaxy Power, these tax incentives will generate benefits for future generations of Canadians from coast to coast, large and small Clean Technology companies, investors willing to participate in very fast growing industries and a large segment of the Canadian securities industry.
However, without being partisan, Galaxy Power should still recognize the positive efforts of governments when they advance the foundation of Galaxy Power.
Accordingly, we applaud the recently announced changes proposed in the Canadian Government’s Budget of April 7, 2022 (Budget 2022) regarding the creation of Clean Tech Incentives through tax credits and tax deductions.
Meetings with governments:
I personally, and many other Galaxy Power participants, have been meeting for more than 2 years with cabinet ministers, elected Members of Parliament, as well as senior officials within the government to advance, and assist with, the implementation of Clean Technology tax deferrals and Tax Credits.
We have had face-to-face meetings, conversations and correspondence with political parties on all sides to help bring Clean Technology tax incentives to fruition.
Creation of thousands of jobs:
Galaxy Power has indicated in its talks with government officials that many thousands of jobs have been created with the multiple Billions of dollars of the national Mining and Oil & Gas investments attributed to Flow Through Shares which were first magnificently instituted by successive Canadian Governments since approximately four (4) decades ago and endorsed by successive Provincial Governments.
Clean Technology Flow Through Shares can create numerous jobs across the nation, for individual workers, scientists, engineers, researchers, entrepreneurs as well as start-ups and large multinationals, and many other contributors, of all employment ages, in urban and remote areas of Canada.
Budget 2022 is a significant milestone:
Budget 2022, and its corresponding proposals for Clean Tech Incentives, were endorsed by The Right Honourable Justin Trudeau, Canada’s Prime Minister and leader of the Liberal Party of Canada, The Honourable Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance, The Honourable Steven Guilbeault, Environment and Climate Change Minister, and The Honourable Omar Alghabra, Minister of Transport, among many other dignitaries.
Accordingly, Galaxy Power welcomes the Clean Tech Incentives as lasting strong evidence of an obvious clear, irrefutable and unequivocal foreseeable future economic benefit for all Canadians and to such Canadian participants such as Galaxy Power.
Galaxy Power continues to support the government’s openness in a consultative process on the design details of the tax matters in Clean Technology and see consultative measures as a rational and important step to continue to expand Clean Technology Flow Through Shares.
The new Clean Tech Incentives can enhance the financial potential of fast growing Clean Technology companies that foster Clean Technology in Canada to reduce global GHG’s. The Clean Tech Incentives are seen as being in accordance with the objectives of the Paris Agreement of the United Nations, which is a legally binding international treaty on climate change.
Federal Government recognition of requirement for private sector funding:
As opposed to government grants, significant Tax Credits and Clean Tech Incentives as the ones contained in Budget 2022 bring to the private sector the impetus to make business decisions based on reducing GHG’s and places the incentive to invest in Clean Technology on the private sector while using private sector capital as opposed to direct investing by governments.
The new Clean Tech Incentives clearly demonstrate the Canadian Federal Government’s recognition of the need to involve private sector capital to combat GHG’s. This involvement of private sector capital is seen as consistent with, and an important precurser to, a continued expansion of Clean Technology Flow Through Share policy which could bring vast amounts of additional capital from the Capital Markets in Canada.
Funding expenditures against GHG’s requires Canadian Capital Markets immediately:
But, is all this enough? I do not belive that this is a time to be hesitating to finance the fight against GHG’s.
Its too late to bring a small knife to the GHG gunfight. The globe must fight the GHG fire with the $ fire. Of course, there is no silver bullet in this GHG battle. With Clean Tech Flow Though Shares, Canada benefits from potentially every company across Canada, every Canadian, every experience and expertise among multiple millions of people. Clean Tech Flow Though Shares arms the battle against GHG’s beyond what our government can accomplish just by themselves.
In addition to the well-meaning but financially limited ability of governments, the larger collective economic might of the Canadian Capital Markets is required in order to address the collosal challenges of financing the urgent high-priced fight against GHG’s.
The expansion of Clean Technology Flow Through Share tax provisions has potential to attract the numerous Capital Market participants to become directly involved.
I warmly recognize with pronounced esteem the vital efforts of all the non-partisan participants throughout all of Canada who continually foster the significance and expansion of eligibility of Clean Technology Flow Through Shares and thank you all for your devoted and continued support of Galaxy Power.
Galaxy Power Inc.
Generating Ideals for Ideal Generations