Trudeau says businesses will soon be able write-off zero-emission off-road vehicles

by Morinville News Staff

Prime Minister Justin Trudeau told attendees at the Global Mineral Exploration and Mining Convention in Toronto Monday that his government plans to extend the existing zero-emission vehicle incentive program to include off-road vehicles, including farm and mining equipment.

The incentive would provide a 100 per cent write-off of the purchase cost of eligible zero-emission vehicles and automotive equipment in the year they are put in use.

The Liberals believe the move would encourage businesses, including in sectors like mining, transportation, and agriculture, to take advantage of opportunities to upgrade to what the Liberals see as newer, cleaner technologies.

“We are supporting businesses that are making investments today to help protect our environment for future generations,” Trudeau said in a media release Monday. “By making it more affordable for Canadian businesses to make the switch to zero-emission technologies, we can help accelerate our transition to a low-carbon, clean-growth economy and create good middle-class jobs.”

The Government of Canada introduced temporary incentives in Budget 2019 for on-road vehicles. That incentive allowed businesses to claim 100 per cent of the cost of the purchase of on-road passenger vehicles up to a limit of $55,000 per eligible vehicle purchase.

Under this new incentive, to be eligible for an income tax deduction of 100 per cent, vehicles would need to be available for use before 2024.

Print Friendly, PDF & Email

Comments

comments

Be the first to comment

Leave a Reply