pfitzsim

I may be a little late to the dance on this one and perhaps not seeing the forest for the trees but in doing some preliminary EV (DD) research, it appears that there is an enhanced CCA (100% year 1) in place with CRA. I am a commissioned employee (T2200) and use my DD mostly for work purposes. I might be way off on this but if I buy an eligible ZEV for $60k I can claim $55k CCA (ceiling of $55k) and get approx. 1/2 of that back so my $60k vehicle costs me $33k.

Vehicle class 54 - https://www.canada.ca/en/revenue-age...class54class55

Eligible Vehicles - https://tc.canada.ca/en/road-transpo...gible-vehicles

No_snivelling

I think that applies only to a business or self-employed person who requires that vehicle for business purposes.

iguana

Do you really want accounting advice from an internet car forum? For your sake, ask your accountant.

Torontoworker

Snort

pfitzsim

What about a car form that isn't on the 'internet'? I'll check the world wide web and see what I can find.

topspd

The ceiling is $61k (plus HST less ITCs) for 2023 and later. Phase out of 100% starts in 2024. Class 54 has recapture, which essentially means that when you sell it, proceeds are included in income. Considering that they (and all cars now) retain a lot of value, it can be advantageous to opt-out of Class 54 and use the limited Class 10.1 ($36k) if you plan to sell it after a few years (no recapture on Class 10.1). Class 54 is great if you plan to drive it into the ground.

No_snivelling

Please correct me if I am wrong, but in a CRA audit you would have to prove 100% of the usage of the EV was for business purposes.

pfitzsim

Correct - you need to keep a mileage log. I went through one of these pre COVID and had no issues proving that my usage was 90% work related (which of course was the amount I claimed it was).

997turbocab

I don't understand how we can put a price on saving the enviroment!!! Why are we being punished for buying a Taycan Turbo lol

No_snivelling

What business could I concoct that would justify a Taycan? Hmmmmm.

petee_c

I wish there were more rebates for average joes buying EV's, or more commitment to rapid charging infrastructure.

Good luck finding a EV. I've been on the waiting list at my local BMW dealer for almost 13 months... no allocation yet.

No_snivelling

I was told 13 months to get a VW ID.4.

Gregster

You can get a Model 3 SR in about 30-45 days. Qualifies for the federal 5k rebate again as well.

Gregster

blergh no heat pump and rear drum brakes 🥴 VW can claim what they want about the brakes but the lack of heat pump is comical

No_snivelling

Good point, but what's the price of a model 3 and what is its towing capacity?

The drum brake in the rear were for good reason..

"...a VW spokesman tells us that they used rear drums on the ID.4 primarily to decrease rolling resistance, as disc brake pads have the tendency to drag on the rotors a small amount as the car coasts. Drum brakes, just by nature of their design, do not. The brand also says that drum brakes offer superior performance and reactivity after long periods of disuse—those long inactive periods being due to the EV's regenerative braking system handling most of the stopping."