News Summary

The Canadian federal government’s Incentives for Zero-Emission Vehicles (iZEV) program, which provided rebates of up to $5,000 for buying or leasing new electric vehicles, has officially paused due to the depletion of funds. The program, initiated in May 2019, has successfully facilitated the purchase of over 546,000 electric vehicles across Canada. Initially, $71 million remained in the fund, expected to last until March 2025, but a surge in sales accelerated the fund’s exhaustion. With the program paused, Canadians may face increased costs when purchasing electric vehicles. While Ontario lacks a provincial rebate, British Columbia offers a $4,000 rebate, and Quebec plans to reintroduce a similar rebate in March.