Does BMW Qualify for an EV Tax Credit?

If you are considering making the switch to the electric vehicle lifestyle, it is not uncommon to have some questions about EVs and what they offer. Among their long list of benefits is the potential for financial incentives. But does BMW qualify for an EV tax credit? If so, how much EV tax credit will you receive? Our team at BMW Markham answers these questions below, and when you are ready to start shopping for the ideal EV for the roads of Richmond Hill, Vaughan, and beyond, explore our latest inventory.

Does BMW Qualify for the EV Tax Credit From the Federal Government?

The Canadian government’s Incentives for Zero-Emission Vehicles program is intended to help lower the cost of buying or leasing an eligible EV. Does BMW qualify for the EV tax credit? As long as your qualifying vehicle (see chart below) meets these requirements, it will likely be eligible for the incentive:

• 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

How Much EV Tax Credit Will You Receive?

At this point, you are almost certainly curious about how much EV tax credit you will receive. Electric vehicles qualify for a point-of-sale credit of up to $5,000. PHEVs qualify for a point-of-sale credit of up to $2,500. That means you will enjoy instant savings right at our Unionville-area dealership.

Your Next EV Awaits in Markham

Now that you know more about what BMW models qualify for the EV tax credit, take a look at our current selection of electrified vehicles, then contact us to schedule a test drive or visit the dealership at your convenience. You can also apply for financing and value your trade online to save time later. Come discover your next state-of-the-art, ultra-luxe EV at BMW Markham today.