Authorities will allocate up to $5,000 to Canadians for the purchase of a new car.
By 2035, all Canadians must switch to carbon-free transportation. The authorities will help them buy electric vehicles.
In 2021, Canada decided to transition to a low-carbon economy. Part of the plan is to completely eliminate transportation that produces carbon emissions by 2035. By this date, all Canadians are required to switch to electric vehicles, so buying such a car now is a good idea. Of course, it's quite expensive, but the Canadian authorities are willing to help the country's residents financially.|
Federal IZEV Program
ZEV stands for zero-emission vehicles, which are vehicles that produce no carbon emissions. The IZEV program aims to partially finance the purchase of these types of vehicles by Canadian residents. As part of the program, up to CAD 5,000 is provided for the purchase or lease of such vehicles, with the average incentive amount being around CAD 2,500.
To be eligible for the incentive, the vehicles must meet the program's criteria for ZEVs, which are vehicles that can be operated without emitting pollutants. This includes fully electric battery-powered vehicles, hydrogen fuel cell electric vehicles, and plug-in hybrid electric vehicles.
The IZEV program has two levels of incentives depending on the type of zero-emission vehicle being purchased. Battery electric vehicles, hydrogen fuel cell electric vehicles, and long-range plug-in hybrid electric vehicles are eligible for the maximum incentive of CAD 5,000, while vehicles with shorter ranges are eligible for an incentive of CAD 2,500.
To be eligible for the incentive, passenger vehicles must cost less than CAD 55,000, with some exceptions based on seating capacity and more expensive alternatives.
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