- A guide to the best Canadian ETFs of 2022
- Want to invest outside of the stock market? Try fine art
- Make sure you're not overpaying on car insurance
While EVs can save you money over time, there’s a high price tag to get into the game.
In order to help offset the initial cost, the federal government offers the Incentives for Zero-Emission Vehicles Program. The program applies to the purchase of a new eligible zero-emission vehicle, or a lease of at least 12 months.
Through the incentive program, the Canadian government will provide between $2,500 and $5,000 to help offset the price for a new vehicle. The amount you receive is dependent upon the eligible vehicle you buy.
If you lease the vehicle, you can receive between $625 and $3,750 in rebates, depending on the length of the lease and model of vehicle.
These rebates will be made available to you at the point-of-sale.
Improve your financial well-being
Many provinces offer special incentives on top of those offered by the federal government.
No provincial rebates at present
The CleanBC GoElectric program offers rebates based on your income and the type of vehicle you purchase.
Plug-in hybrid vehicles with a range of less than 85 kilometres are eligible for a rebate of between $500 and $2,500. Battery electric and long-range hybrid vehicles are eligible for rebates of $1,000 to $4,000.
If your individual income is above $100,001, or your household income is above $165,001, you are ineligible for the rebate.
You must be pre-approved for the rebate before purchasing your EV, otherwise you will be unable to get it.
No provincial rebates at present.
Plug-in NB offers various incentives for the purchase or lease of new or used EVs.
If you purchase an EV, you can receive a rebate between $1,000 and $5,000.
If you lease a battery electric vehicle (BEV) or a long range plug-in hybrid electric vehicle (PHEV), you can receive between $1,250 and $5,000 in rebates, depending on the length of the lease.
Short range PHEVs are eligible for a rebate of between $625 and $2,500 depending on the length of the lease.
You can also receive a rebate of $750 for the purchase of an EV home charging station.
Newfoundland and Labrador
If you purchase or lease a new EV, you can receive a $2,500 rebate on top of the federal government rebate on eligible vehicles. For a plug-in hybrid, you can receive an additional $1,500 in rebates.
You must apply in order to receive the rebate.
The Arctic Energy Alliance offers a $5,000 rebate for new plug-in hybrid electric vehicles or battery electric vehicles.
Through EV Assist Nova Scotia, the provincial government offers a rebate of $3,000 for a new battery powered electric vehicle, and $2,000 for a used.
Long-range plug-in hybrid electric vehicles are eligible for a $3,000 rebate if new or $1,000 if used. Short-range PHEVs are eligible for a $2,000 rebate if new or $1,000 if used.
E-bikes that retail for over $1,200 are also eligible for a $500 rebate if they meet certain criteria.
No territorial rebate at present.
No provincial rebate currently available for new electric or hybrid-electric vehicles.
Prince Edward Island
[PEI offers] (https://www.princeedwardisland.ca/en/information/environment-energy-and-climate-action/electric-vehicle-incentive) an incentive of $5,000 for individuals purchasing a new or used electric vehicle. Plug-in hybrids are eligible for a rebate of $2,500.
If you lease a BEV, you can receive an incentive of between $1,250 and $5,000. For PHEV, the rebate is between $625 and $2,500, depending on the term.
Electric vehicles and hydrogen-powered vehicles may be eligible for a provincial rebate of $7,000.
Plug-in hybrid electric vehicles can receive a rebate of $300, $2,500, or $5,000 depending on the size of the battery and if the vehicle meets certain criteria.
Electric motorcycles may receive a rebate of $2,000, while electric scooters may receive a rebate of $500.
No provincial rebate at present.
The territorial government offers a rebate of $5,000 for a new vehicle if it is a battery-electric vehicle, a hydrogen fuel motor cell vehicle, or a long-range plug-in hybrid vehicle.
For new short-range PHEV, you are eligible for a $3,000 rebate.
You are also eligible for a rebate if you lease your vehicle. The rebate is pro-rated based on the term of your lease, but you will receive the full amount if it is for three years or longer.
Electric vehicles for businesses
If you purchase an eligible zero-emission vehicle for business use, you are able to use the purchase as a tax-deduction. The deduction may be up to 100 per cent assuming certain criteria are met:
If you purchase your vehicle after March 18, 2019 but before 202
It’s exclusively purchased for business use
Has not been incentivized through another federal program
Is either fully electric or hydrogen-operated or has a hybrid battery with a capacity of at least 7kWh
You're 5 minutes away from the best mortgage
Searching for your perfect mortgage shouldn’t be hard.
Homewise is an online brokerage that will negotiate on your behalf with more than 30 big banks and other lenders, completely free, and it only takes five minutes to apply.
If you're in the market for a new mortgage, or if you're looking to refinance before interest rates rise again, go to Homewise now and answer a few simple questions to get started.