Here's How You Can Get Money & Incentives From The Government To Get A New Car In 2022
Some Canadians can get up to $18,000 for a greener car! 🚗💰
A row of white Tesla vehicles charging at Tesla charging stations.
If you're looking to buy a new car and are considering going greener, there's plenty of support out there! In fact, the federal government could even offer you up to $5,000 towards your new car via the Incentives for Zero-Emission Vehicles (iZEV) program.
Last year, the Government of Canada laid out a new mandatory target requiring all new light-duty cars and passenger trucks sold in the country to be zero-emission by 2035.
This means that the sale of new gas-powered cars will be banned, in an effort to cut pollution levels and fight climate change.
While you have plenty of time to change or upgrade your vehicle before the ban is implemented, the feds are already rolling out a number of incentives to help you get a more eco-friendly car.
Depending on where you live, there are also provincial initiatives too, which mean you could actually save thousands if you do decide to fork out for a zero-emission vehicle.
iZEV Program
The iZEV program was launched back in 2019 and aims to help Canadians to purchase a brand-new, greener vehicle.
It offers an incentive of up to $5,000 to those who buy or lease a qualifying zero-emission vehicle.
The criteria states that, "ZEVs are vehicles that can be driven without producing polluting exhaust." This includes fully battery electric, plug-in hybrid electric and hydrogen fuel cell electric vehicles.
The federal iZEV program has two tiers. Battery electric, hydrogen fuel cell, and longer-range plug-in hybrid vehicles are eligible for an incentive of $5,000, while shorter-range plug-in hybrid electric vehicles are eligible for $2,500.
To qualify, passenger cars must cost less than $55,000 (although there are some exceptions based on a car's seat capacity and "higher priced" alternatives).
The money-off is applied at the point-of-sale by the dealership, with the reductions appearing on the vehicle's bill of sale.
It can be used alongside similar provincial and territorial programs, which is good news for those who live in regions with additional incentives.
Find out more
Provincial incentives
In addition to the federal program, there are provincial supports out there for people hoping to get their green on.
For example, drivers in New Brunswick can get as much as $10,000 off an eligible vehicle's price tag by combining both federal and provincial programs.
They're able to combine the iZEV program with the province's own Electric vehicle incentive program, which offers up to $5,000 to people who purchase or lease new qualifying battery electric vehicles and long-range plug-in hybrid electric vehicles.
Similarly, P.E.I. offers locals up to $5,000 (in addition to the federal incentive) back for buying a greener car. Islanders can also get $2,500 for buying a plug-in hybrid from April 1, 2021, onwards.
Those in B.C. and Nova Scotia can also get an additional $3,000 off through provincial programs.
In addition to federal incentives, Quebecers may be eligible for rebates of up to $8,000 on all-electric vehicles that cost under $60,000. This means they can get up to a total of $18,000 until June 2022. After this, the figure drops to $17,000.
In Ontario, the smaller amount of $1,000 is available for those buying a used fully-electric car via the Used EV Incentive Program.
Find out more
This article's cover image was used for illustrative purposes only.
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