INTIEACanada · Expanding Tax Support for Business Investment in Zero-Emission VehiclesPolicyIn force

Expanding Tax Support for Business Investment in Zero-Emission Vehicles

On March 2, 2020, the government proposed to expand a 100 per cent tax write-off for business investments in eligible zero-emission vehicles to include a wider array of eligible automotive equipment and vehicles. It proposed to provide a temporarily enhanced first-year…

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EffectiveJan 01, 2020
Last changeJul 22, 2021

Country / jurisdiction: Canada · Year: 2020 · Status: In force · Level: National · Type: Voluntary

On March 2, 2020, the government proposed to expand a 100 per cent tax write-off for business investments in eligible zero-emission vehicles to include a wider array of eligible automotive equipment and vehicles.

It proposed to provide a temporarily enhanced first-year capital cost allowance rate of 100 per cent for eligible zero-emission automotive equipment and vehicles that do not benefit from the accelerated rate provided by Classes 54 and 55. These equipment and vehicles would be included in a new Class 56.

This extension of Class 54 and 55 would apply to eligible used zero-emission vehicles acquired on or after March 2, 2020, and that become available for use before 2028.

Official source: https://www.canada.ca/en/department-finance/news/2020/12/expanding-tax-support-for-business-investment-in-zero-emission-vehicles.html

Source

https://www.iea.org/policies/12687

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