Ontario wants to reduce greenhouse gas emissions, and the province has incentives to get business owners and individuals to help. As of 2019, the province is offering rebates worth up to $5000 if you purchase or lease an electric vehicle or plug-in hybrid.
When you buy an electric vehicle for your business, you help reduce greenhouse emissions. Beyond that, you can advertise the fact that you use electric vehicles, which can be a great addition to your corporate social responsibility statement.
Additionally, as long as you get green license plates, your drivers can use the high-occupancy lane, and of course, you save money on fuel.
How to Qualify for a Federal Electric Vehicle Rebate
There are a couple of ways to qualify for the electric vehicle rebate, including:
- The base model MSRP must be less than $45,000 and the final MSRP after options must not exceed $55,000
- Passenger vehicles with seven or more seats, the base model MSRP must be less than $55,000 and the final MSPR after options must not exceed $60,000
- The car must be purchased outright, or leased with a minimum duration of 48 months
- Business owners can write off 100% of zero-emission vehicles to support business adoption
- Business owners can write off vehicles that purchased on or after March 19, 2019 and before January 1, 2024.
- If the capital costs exceed $55,000 the 100% write-off will be limited to the $55,000, plus the federal and provincial sales tax
Provincial Electric Vehicle Rebates
- British Columbia: $3000 rebate for vehicles with a base MSRP under $55,5000
- Quebec: Up to $8000 rebate for vehicles with a base price under $60,000 and up to $600 rebate on wall connectors and installation
Automobile emissions are the leading cause of greenhouse emissions gases in Canada, and if you want to help reduce emissions, you may want to purchase an electric car or explore similar green programs. Additionally, if you place a charging station at your business, you give your employees with electric cars the bonus of being able to charge their vehicles while they work.