Sybille Schaufler Accounting Blog

Sybille Schaufler Accounting is pleased to provide a variety of resources on accounting, taxation and other related subjects that we hope will be helpful to both individuals and businesses.

If you have any questions, simply contact me, and I will be happy to discuss your needs with you.

Incentives for Zero-Emission Vehicles (iZEV) Program

green

When considering a fuel-efficient vehicle such as a hybrid, or an alternative fuel model you should know that the Canadian Government, as well as some provinces, provide rebates. 

Further, to entice Canadians to choose eco-friendly models, the Government introduced a green levy, aka excise tax, on fuel-inefficient vehicles. You can consult this website to see what the charge is on a particular vehicle for each model year beyond 2006. This is good information to have when considering whether to go green or not.

Federal iZEV Program

The Incentives for Zero-Emission Vehicles (iZEV) Program will provide incentives of up to $5,000 for consumers who buy or lease an eligible iZEV. This program runs until March 31, 2025, or until available funding is exhausted. 

To expand the number of rebate-eligible vehicles, the government increased the iZEV Program's retail price maximums after April 25, 2022. 

ZEV 100% Capital Cost Allowance

If no federal incentive is available for the vehicle you want to purchase, a 100% write-off for zero-emission vehicles for businesses was introduced in the 2019 federal budget. 

Federal Zero Emission Vehicle Infrastructure Program (ZEVIP)

This program provides funding for the deployment of EV chargers and hydrogen refuelling stations across Canada.

Provincial Rebates

BC Rebates for Fuel-Efficient Vehicles

The Province of BC offers incentives for the purchase or lease of fully electric, plug-in hybrid, or hydrogen-powered vehicles, in addition to rebates for EV charging stations.

To view a list of electric vehicles that are eligible for a rebate in BC the CleanBC / Go Electric BC website provides a list. Rebates are applied to the price of the car by the dealer at the time of sale or lease.

Ontario Rebates for Fuel-Efficient Vehicles

Since 2018, Ontario has no longer offered incentive programs.

Quebec Rebates for Fuel-Efficient Vehicles

The "Roulez vert" rebate for green vehicles is up to $7,000. Rebates are also available for electric motorcycles ($2,000) and electric scooters ($500). The maximum retail price point was increased from $60,000 to $65,000 for vehicles registered after April 1, 2022.

Rebates are available for the purchase and installation of a charging station at your home, place of work, or multi-unit buildings. 

Quebec also offered rebates for eligible used all-electric vehicles. 

Electric Vehicle Rebates in Other Provinces

The Canada Drives website shows the combined maximum provincial and federal rebate available by province or territory. You will also find links to the provincial/territorial websites for EV rebates.

We may be a good fit for you and your accounting and tax needs, so before you purchase an eco-friendly vehicle, contact us to make sure you are maximizing the rebate or write-off benefit that is available.

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Thursday, 20 June 2024

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