Canada - Time for Rebates

[ECHELON]

I mailed both the Federal and Ontario Provincial rebate forms today. I will let you fellas know when the cheque arrives.

[David Beale]

I purchased Pearl in May 2007. Sent in the ecoAuto form as soon as it was posted (late fall). Got a letter acknowledging receipt of said form a week later. Got the cheque three weeks later. Put it in the bank the next day.

BTW, you do have to declare it as income for tax purposes.

[hiremichaelreid]

Originally Posted by David Beale

BTW, you do have to declare it as income for tax purposes.

I looked for evidence of this and couldn't find any. Nothing in the 2007 tax guide and couldn't find anything via google except a few people alluding to it.

So can you refer me to any evidence of taxability ? I just signed my papers and have the car going in my name, but if it's taxed I'd prefer to put it in my wifes name.

I'm not sure I'd even trust any answer from some random person at Rev. Can. about this, unless they could point me to a reference.

[Linden]

This is right from the ecoAUTO rebate website:
12. Is the rebate taxable?

Transport Canada will not be issuing year-end statements to rebate recipients. If the vehicle for which the rebate applies is not used for the purpose of earning income, there are no income tax consequences. For further information on the tax implications of business vehicles acquired for the purpose of earning income please contact Canada Revenue Agency at 1-800-959-5525 (tax information phone service for businesses).



So no - its not taxable, unless you are using your vehicle to earn money.

I'm still waiting for my cheque.. its been 9 weeks now...

[Linden]

I finally got my rebate.. 11 weeks after mailing it in.

[hiremichaelreid]

Originally Posted by Linden

This is right from the ecoAUTO rebate website:
So no - its not taxable, unless you are using your vehicle to earn money.

Yeah, my previous car was a "business car", but the Prius is not. So I guess this might bite a taxi driver with his own car. But I wonder if you can later sell the car to your business... ? I don't see why not.

There was some funny wording I read somewhere; perhaps it was in the actual legislation or something, that said something to the effect that "Program in effect until funds run out, or something".

Perhaps I'd better rush to file my application !! There's been news lately about the program being overbudget or some such; perhaps the gov't has an open ended committment, at least until the last 2008 model year eligible cars are gone.

And now there's a stink where "domestic manufacturers" like GM aren't benefitting from the program because most of the benefit is going to Japan/Japanese manus.

And yet there's more ! Is the apocalypse of oil upon us now or what ?

Now GM is largely leaving Canada (1 plant and 1 joint venture left) and the Feds and Ontarios are trying to woo back GM with "Hey, please build fuel efficient cars here" so the gov'ts can try to save jobs and look green doing it.

Of course GM leaving Canada is partly due to high Canadian Petro-Dollar. What an interesting trip it's been since the US-Canada auto pact back in 1965...

[rstange1]

Howdy folks,

I received my $2K rebate from the ecoAuto program yesterday (mailed the application just over 10 weeks ago). Not particularly fast, but better than a poke in the eye with a sharp stick!

[jesse sirota]

Hello,
I am wondering if everyone is getting the full $2000? My friend bought a Honda Fit, which is ranked at a $1000 but she only received $78. I read the application form as getting the amount stated not a portion of it. Did I miss read the fine print?

P.S. I realize that the Fit is not the best example of an ecoCar but it was listed as one that qualified.

[rstange1]

Originally Posted by jesse sirota

Hello,
I am wondering if everyone is getting the full $2000?

I got the full $2000 from the ecoAuto program (feds) this week.

In BC we also get up to $2000 off of the provincial sales tax at point of sale. I got a little less of a PST reduction because my trade-in reduced my purchase price to the point where I would pay less than $2K in PST before the reduction. As such, I paid no PST.

Cheers!

[hiremichaelreid]

Originally Posted by jesse sirota

Hello,
I am wondering if everyone is getting the full $2000? My friend bought a Honda Fit, which is ranked at a $1000 but she only received $78. I read the application form as getting the amount stated not a portion of it. Did I miss read the fine print?

P.S. I realize that the Fit is not the best example of an ecoCar but it was listed as one that qualified.

Did he/she have a trade-in or get a lease ? Those are 2 reasons you might get less. For full value you may have to buy outright (loan is OK) and not use a high value trade-in.