OTTAWA — The federal government has paused an incentive program that offered Canadians rebates of up to $5,000 when buying or leasing electric vehicles.
In an update on its website, Transport Canada says the Incentives for Zero-Emission Vehicles (iZEV) Program has been paused as “funds have been fully committed.”
The department says more than 546,000 vehicles have been sold or leased with incentives through the program since it began in 2019.
In 2023, zero emissions vehicles accounted for 11.7% of Canada’s market, up from 3.1% in 2019.
Canada has mandated that 20% of all new vehicles sold must be electric by 2026 and 100% by 2035.
The program was scheduled to pause either on March 31, or once all the available funding has been accessed.