Are you looking to upgrade your car and go green at the same time? Good news, if you buy a zero or low emissions vehicle like a battery electric, hydrogen fuel cell electric, or plug-in hybrid electric vehicle on or after July 1, 2022, you'll qualify for an FBT exemption*. And don't worry about the car's age, it could be new or used. Just make sure it's value is under $84,916 and you're good to go.
The FBT exemption is an attractive incentive and has the potential to save around $8,000 tax per year, compared to purchasing a combustion motor vehicle.
*The exempted fringe benefit will still be included for adjusted income reporting.