EV sales in Canada have increased by 60%. With the Canada EV rebate, it is not hard to see why. Who doesn’t want to do the right thing and be rewarded for it? But with the average credit score in Canada resting at 672, joining the green pack may prove a little difficult. This is especially true if you have credit to repair. 

So below, we will journey into the EV rebate, how it can help you purchase your new EV, and the top most affordable electric cars in Canada. 

What Is the Canada EV Rebate? 

A few years back, the EV market in Canada was non-existent. EVs didn’t even make up one in 100 vehicles sold in the country. And according to Global News, in 2021, the number stood at 20 EVs throughout the year. 

That was before the incentives rolled out. 

The Canada EV rebate is an incentive program developed by the Federal government to make it easier for Canadians to purchase electric vehicles. There are different incentive requirements, but at the height of it, Canadians can enjoy up to $5,000 towards their new wheels. 

The incentives cover all zero-emissions vehicles. It doesn’t matter whether you purchase a second-hand EV, a new Tesla online or a plug-in hybrid, you can enjoy these incentives from the government. 

The Canadian dream in the words of Minister Steven is that, by 2026, EVs should make up one in five vehicles sold. And by 2035 he hopes all vehicle sales in the Great White North will not use gas but rather run on batteries. 

EV Rebates by Province 

The general requirement to qualify for the $5,000 rebate is to buy or lease an EV for 48 months. Any electric or hydrogen vehicle qualifies. This includes PHEVs that can go over 50 kilos without tapping into gasoline. 

PHEVs that fall short of the 50km only qualify for half the amount. Leasing for shorter periods also means fewer bucks to splash. For example, if you lease your EV for 12 months, the $5,000 quickly becomes $1,250, while a 36-month lease comes with a sum of $3,750. 

But every province has its own regulations and incentives that differ. Some provinces offer additional goodies with every EV or PHEV purchase or lease. And others cut the sum according to household income. Below we have covered the offering from each province: 

Prince Edward Island 

First on our list is the land that hosted the Charlottetown Conference back in 1864. The province of Prince Edward Island gives Islanders $5,750 for a new or used EV. They also back every purchase with an incentive for a level 2 charger or charging expenses. 

For plug-in hybrids, you can walk away with $3,250. 

Newfoundland and Labrador 

On to Canada’s happy province. Newfoundlanders and Labradorians will receive $2,500 for a purchase or lease for 48 months. The PHEVs receive $1,500. 

Nova Scotia 

This Canadian province celebrated for its blueberries and lobsters comes with a $3,000 incentive on all new EVs or PHEVs meeting the 50km mileage. For used cars, the price sits at $2,000, while short-range PHEVs qualify for $1,000. 

New Brunswick 

New Brunswick stays true to the incentives offered in many other provinces. This province, marked by lighthouses as far as the eye can see, will cough out $5,000 for new EVs purchased or leased. The Picture Province government will also give five grand for PHEV meeting the distance requirement. 

Quebec 

Quebec has the most generous incentive program in the country. Not to mention the most developed and robust. New qualifying vehicles will receive $7,000 from the Quebec government. Uses EVs owners can enjoy $3,500, while long-range PHEV owners can expect a solid $5,000. 

British Columbia 

For a little variation, we make it B.C. Though British Columbia follows Federal laws regarding iZEV, they do things a little differently. It is not just the vehicle that must qualify; even the driver is vetted. 

An individual with a qualifying vehicle and an annual income of $80,000 or less will receive $4,000. But with a salary of $101,000 and above, the B.C. government has nothing to offer you. 

Yukon Territories

Finally, we have the second-least populated province. The Yukon incentive program doesn’t shy away from Federal rule. New EVs and qualifying PHEVs in this icy province will welcome the benchmark value of $5,000, while short-range PHEVs will get $3,000. 

Eligibility Criteria 

Not all cheap electric cars in Canada qualify for the rebate. Several factors are considered in determining the eligibility of a vehicle. 

Factors like a vehicle’s trim, year, make, roadworthiness, and manufacturer’s suggested retail price or MSRP are taken into consideration. 

It is important to note that a low-speed vehicle doesn’t pass as an EV under the program. 

The Most Affordable Electric Cars 

Now for the list of cheap electric cars to purchase. Every vehicle on this list qualifies for the rebate. 

Nissan Leaf 

The first Nissan Leaf hit the market in 2010 and has been improving with every model since. However, it remains the country’s most affordable EV, with a starting price of $37,206. 

All the current models of the Nissan Leaf qualify for the rebate. 

Chevrolet Bolt EV LT 

266 pounds-feet, 200 horsepower, and 417 km range, the Chevy Bolt is not bad to live with. In fact, its price range of $38,204 to $42,319 makes it an ideal companion for anyone looking for the best electric cars in Canada. 

The Chevrolet Bolt EV became rebate eligible among electric cars in Canada in 2022. 

Did we also mention that this EV has the longest range of all the vehicles on our list? 

Kia Soul EV Premium 

It wouldn’t be a Canadian EV list without the iconic Kia Soul. We admire its style, celebrate its features but most importantly, love its price. Retailing at $40,250, this sleek Kia is one of the most affordable electric cars in the country. 

There is also the great cargo space, 291 lb-ft, and 248 km range to enjoy. 

How to Apply for an Affordable EV 

When you are ready to be the owner of one of the electric cars that canvas the Canadian streets, we can help. We are committed to putting you in the driver’s seat. 

We have four simple steps to help you drive away with your EV and boost your credit score. 

Step 1: Apply 

The first step to being an owner of an affordable EV is to place your application. We will require some personal information from you to get you started. 

Step 2: Connect 

Our trusted experts will reach out to you to discuss your preference and how Marble can help. We wouldn’t badger you. Our promise is to contact you at your preferred time. 

Step 3: Drive Away 

Yes, it is that simple. Once we understand your financial situation and car preference, we will get to work. Our suggestions will stem from a wide inventory and we will also work to get you the best financing. 

Step 4: Improve that Credit 

Our final commitment is to help you improve your credit. We will be your partners in increasing your credit score and ensuring lower future rates. 

Join the EV Revolution in Canada 

The Canada EV rebate has made it easy for Canadians to buy affordable electric cars. From monetary incentives to chargers, there has never been a better time to join the green revolution in Canada. 

Discover Drive Away to begin your EV-owning and credit-improving journey.