Government of Canada’s iZEV Program Now in Effect
The Federal government's iZEV program officially came into effect on May 1st, 2019. Canadians in all provinces can now take advantage of government rebates of up to $5,000 towards fully electric vehicles and $2,500 towards plug-in hybrid electric vehicles.
Those living in Quebec or British Columbia are able to combine the program’s rebates with those already offered by the provincial government (up to $8,000 in QC and $5,000 in BC). With these combined rebates, the maximum available discount amounts to $13,000 in QC and $10,000 in BC. Transport Canada has compiled a list of vehicles that are eligible under the program.
As part of the government’s 2019 federal budget, businesses are also eligible for a 100% tax write-off on battery electric vehicles, plug-in hybrids (the battery capacity must be at least 15 kWh), or hydrogen fuel cell vehicles. This applies to vehicles purchased on or after March 19, 2019 and before January 1, 2024. Capital costs for eligible zero-emission passenger vehicles, such as cars and SUVs, are deductible up to $55,000 plus sales tax.
One thing to keep in mind: under the program, there is a limit on how many vehicles can be purchased or leased. Individuals can only get one incentive in a calendar year under the program, while businesses, provincial and municipal governments that operate fleets can only get up to 10 incentives in a calendar year.
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