Which 2024 Electric Vehicles Qualify for a Tax Credit in 2024?

From families to commuters, more and more Canadians are choosing electric vehicles. If the price of a zero-emission vehicle has held you back from making a purchase, there’s some great news that might impact your decision. In 2019, the Government of Canada recently rolled out the Incentives for Zero-Emission Vehicles (iZEV) Program to help make it more affordable for Canadians to purchase an electric vehicle.

In this blog, we will give an overview of the Incentives for Zero-Emission Vehicles (iZEV) Program, how to receive the incentive, and what 2024 electric vehicles qualify for the Tax Credit, highlighting a few that stand out to us.

What are the Incentives for Zero-Emission Vehicles (iZEV) Program?

The Canadian government launched in 2019 operates the Incentives for Zero-Emission Vehicles (iZEV) Program, which offers up to $5,000 in rebates when you buy or lease an eligible vehicle. The program began in 2019 and is scheduled to run until March 31, 2025, or until the available funding runs out. The iZEV eligibility price cap depends on the type of vehicle.

How Do I Receive the Tax Credit?

According to the Government of Canada, the Incentives for Zero-Emission Vehicles (ZEV) Program will be applied at the point of sale by the dealership once they have confirmed your eligibility. However, as part of the eligibility verification, you must complete the Consumer Consent Form. Once your eligibility is confirmed, you must complete the appropriate Incentive Received Form. Then, the incentive will appear directly on the bill of sale or lease agreement of the eligible ZEVs.

The dealership must submit the documentation required to be reimbursed for an incentive provided at the point of sale. Consumers cannot submit a request for reimbursement; only enrolled dealerships can. The federal incentive for eligible ZEVs will be applied in addition to any provincial or territorial incentive offered.

There are two levels of incentives:

1. Battery electric, hydrogen fuel cell, and longer-range plug-in hybrid vehicles are eligible for up to $5,000;

  • longer-range plug-in hybrid vehicles have an electric range equal to or greater than 50 km.

2. Shorter range plug-in hybrid electric vehicles are eligible for up to $2,500;

  • shorter-range plug-in hybrid vehicles have an electric range under 50 km.

Which 2024 vehicles are eligible for the tax credit?

The Government of Canada website has a complete list of eligible vehicles. If you have any additional questions about a particular make or model, please contact the auto manufacturer, your local dealership, or the Go Auto team.

When reviewing this list, we couldn’t help but showcase a few of our 2024 favourites that made the cut.

Audi E-Tron

The 2024 Audi Q4 e-tron Quattro, 50 Quattro and 55 Quattro are eligible for the tax credit. This “new generation of Audi” combines luxury and performance, harnessing the latest driving technology for daily functionality without sacrificing performance.

BMW i4

The 2024 BMW i4, eDrive35 Gran Coupe and eDrive40 Gran Coupe are also eligible for the tax credit. The full five-seater features, loaded with exclusive features, will impress drivers and passengers alike.

Hyundai IONIQ 6

The Hyundai IONIQ 6 (Preferred Long Range, AWD Long Range, Long Range with Ultimate Package and the AWD Long Range with Ultimate Package) is featured in the Incentives for Zero-Emission Vehicles (iZEV) Program. IONIQ 6 is designed and engineered to seamlessly enhance your daily lives. With an aerodynamic streamlined silhouette, mindful cocoon-like interior and available personalized features such as EV Performance Tune-Up, IONIQ 6 redefines the boundaries of electric mobility.

Have questions?

We are happy to answer your questions and get the best solution for you.