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Thread: CRA tax credit for electric cars

  1. #1
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    Default CRA tax credit for electric cars

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    Ok, what does "may apply for certain eligible vehicles acquired" mean? You would think this would have a direct link showing exactly which ones qualify.

    Any tax experts able to weigh in on this, is it smart to take advantage of?
    Anyone care to do a full breakdown of a model 3 purchase and what they would end up paying out of pocket in the end?

    https://www.canada.ca/en/revenue-age...-vehicles.html
    "Anarchism is not a romantic fable but the hardheaded realization, based on five thousand years of experience, that we cannot entrust the management of our lives to kings, priests, politicians, generals, and county commissioners."

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    This is a list of vehicles for the iZEV program, but is that the same as the tax rebate program?

    https://tc.canada.ca/en/road-transpo...r-izev-program
    "Anarchism is not a romantic fable but the hardheaded realization, based on five thousand years of experience, that we cannot entrust the management of our lives to kings, priests, politicians, generals, and county commissioners."

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    Quote Originally Posted by Modelexis View Post
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    Ok, what does "may apply for certain eligible vehicles acquired" mean? You would think this would have a direct link showing exactly which ones qualify.

    Any tax experts able to weigh in on this, is it smart to take advantage of?
    Anyone care to do a full breakdown of a model 3 purchase and what they would end up paying out of pocket in the end?

    https://www.canada.ca/en/revenue-age...-vehicles.html
    Are you looking at buying this for personal or business usage?

    If it is personal, then none of that is applicable to you. If you are buying it for business use, then it comes into play as you can claim a capital cost allowance against it. Chances are, if you claim the higher rates, and you go to sell it you will most likely have recapture that you will need to pay tax on.

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    "modelexis"? What year is this?
    I can eat more hot wings than you.

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