BC EV incentive

[milotron]

^

Interesting. I am in a similar situation; Company vehicle, but may/may not purchase personally.

I am not familiar with the PST scheme that you are speaking of. Does this include the aforementioned luxury tax?
So it would seem that under the despised HST scheme we actually paid less??

It looks like I MAY get mine March and will do everything that I can to help that along, as completing the purchase in April is clearly going to cost more, especially without the EV credit.

 

[Morristhecat]

Seems like a few of us are in the same boat. I too was thinking of using my company to purchase the vehicle. But after talking to my accountant, since I will be mostly (>90%) be using the car to/from work, I would be subject to a personal gain. Therefore it would be considered a dividend from my company to me and I would be subject to personal tax on it, say 35-40%. To/from work is apparently not acceptable commercial use in the eyes of the taxman. Any GST paid back to the company would be much less than that, tax wise. So my solution is to pay privately and I called & added in the air shocks for $1600 to ensure I get on the batch currently under way. Loosing the $5000 EV incentive plus paying an extra 3% ($2550 on $85000) is just too risky imho. That is $7500 more as of April 1st, and that is no april fools joke!
There is a possibility that the rebate will yet be extended, but who knows... It is all political and costing us $ and stress.

 

[milotron]

Morris - did they gave you a better timeframe? I was told March/April with no more clarity than that. I am R#484 and my dashboard has said that the factory is building my tesla since Jan 17. I am calling tomorrow to see what they can do as that will really hurt getting burned on both counts, plus I have a potential sale of my trade-in and want to confirm the best route on the end also. I am 85kw, air, pano, tech, prem audio, 21"s, silver/black, non-perf BTW.

A buddy from University works at Tesla in hardware and speaks very highly of the " OEM German " components that go into the premium audio system. He heads that division and his loyalty is strong and refuses to divulge too much more.

Note on the taxes; My accountant and lawyer who are much smarter than me claim 100%, as I have other vehicles to my name as an individual, and my company is based at my home address, therefore any travel that I do for work is...for work.

Ditto on the $$a and stress....ugh.

 

[Morristhecat]

Morris - did they gave you a better timeframe? I was told March/April with no more clarity than that.

I haven't got it firmed up just yet. They released my lock where my order was in the factory, and I had to re-do my options and re-order it. I am awaiting to docusign the order again at this time. But they explained very clearly that my adding in the air shocks it will most definitely speed things up and I would be looking at an end of february early march delivery now. However, I am nervous as the paperwork hasn't been sent to the factory just yet... Again, stress. I just know that as soon as this all gets worked out, they are going to extend the rebate, at least I hope so... But I can't take that risk. But I am 60kw battery vs your 85, and they are apparently doing the 60's before the 85's right now...

 

[milotron]

Thanks Morris. It looks like I am still on the bubble for hitting the March 31st date. Although, we are leaving the country for a week in the middle of March, so according to Murphy's Law that is when it will be delivered! Adds some more anxiety but still worth it.

 

[burrowingsnowowl]

^
I am not familiar with the PST scheme that you are speaking of. Does this include the aforementioned luxury tax?
So it would seem that under the despised HST scheme we actually paid less??

Yes, paying 10% PST = 7% regular PST rate + 3% luxury tax rate (purchase price >= 57k).

- - - Updated - - -

...But after talking to my accountant, since I will be mostly (>90%) be using the car to/from work, I would be subject to a personal gain. Therefore it would be considered a dividend from my company to me and I would be subject to personal tax on it, say 35-40%.....

Good advice from your accountant. I'm in the exact opposite boat (>90% for work) so I'm flip flopping on best tax advantage. PwC has an good guide, but its very long and complicated.

See: Car expenses and benefits: A tax guide at the bottom of this page: http://www.pwc.com/ca/en/tax/car-expenses-benefits-guide.jhtml. I'm still crunching the numbers with a lot of scenarios.

 

[Morristhecat]

I have heard back from Ali at CEVforBC, and he acknowledged that there still is no word on extending the rebate.

Unfortunately, there is no word as of yet to see if this program will be extended.

If I were you, I would contact the ministry directly and voice your concern that this program may not be extended. I believe it's the people's voice that will be the biggest push towards moving forward. You can reach them at: LiveSmart BC

I'm sorry I don't have any other information to offer, however if we have any updates, I will amend our website and will let everyone know as best we can.

Here is the contact page (Feedback - LiveSmart BC) for those that wish to send a message to the government encouraging the programs extension. I think I will be ok with delivery projected before March 31st, but I will still send in my support for the programs extension. I hope everyone else will too!

 

[Morristhecat]

Has anyone heard whether any extension was allocated in yesterday's budget? I tried looking but found nothing...

 

[Stephen4]

Has anyone heard whether any extension was allocated in yesterday's budget? I tried looking but found nothing...

I've been pouring over the budget and can't find a single mention of the LiveSmart BC Transportation Program. Maybe they kept their heads low! I'll keep digging though...I know they don't update the web sites right away...so short of calling them, it's an unknown.

 

[Morristhecat]

I've been pouring over the budget and can't find a single mention of the LiveSmart BC Transportation Program. Maybe they kept their heads low! I'll keep digging though...I know they don't update the web sites right away...so short of calling them, it's an unknown.

That's exactly what i did. I think that the Livesmart BC program is at a lower level of budget numbers than what is published.