A Guide to Canada’s iZEV Program

From a more sustainable driving experience to fewer maintenance needs to cutting out your trips to the gas pumps of Unionville, Richmond Hill, and beyond, there is no shortage of benefits that come with buying an EV. And thanks to Canada’s iZEV program, you may be able to help you save as much as $5,000 on eligible electric vehicles. But how does the iZEV program work? Below, BMW Markham explains the federal iZEV incentive program and how to utilize it.

What is the Federal iZEV Incentive Program?

The Incentives for the Zero-Emission Vehicles program was developed by the Canadian government to help offset the cost of buying or leasing an electric vehicle. Qualifying buyers receive a point-of-sale incentive, the amount of which depends on the type of EV you are buying or leasing. All-electric vehicles are eligible for up to $5,000 off, while plug-in hybrid electric vehicles are eligible for up to $2,500 off, as long as they meet these requirements:

• A battery electric, hydrogen fuel cell, or plug-in hybrid electric vehicle
• Bought or leased for at least 12 months, on or after its eligibility date
• An MSRP of less than $55,000 for passenger cars or less than $65,000 for higher-end trims; an MSRP of less than $60,000 for a station wagon, pickup, SUV, minivan, van, or special purpose vehicle or less than $70,000 for higher-end trims

See if your preferred EV qualifies for Canada’s iZEV program. An individual buyer can take advantage of the available incentives once per calendar year.

How does the iZEV Program Work?

So, how does the iZEV program work? It is remarkably easy to claim your discount on an eligible vehicle. The incentive is applied at the point of sale by your dealer after your eligibility has been approved. You will be asked to fill out a Consumer Consent Form to confirm your eligibility, then you will complete an Incentive Received Form. The discount shows up right on your bill of sale or lease agreement.

The dealership takes care of the documentation required for reimbursement, so this leaves very little for you to do but enjoy the savings offered by the federal iZEV incentive program.

Find Your Next EV at BMW Markham

Start the search for your next EV by browsing our current inventory. Then, visit us for a test drive around Markham. In the meantime, contact us for more information about Canada’s iZEV program or to schedule your test drive. If you already know which model you will be driving home, you can apply for financing now to streamline the buying process. A world of powerful, eco-friendly performance and legendary luxury awaits in your next EV from BMW Markham.