Unlike the previous iZEV program, EVAP focuses on the final transaction value rather than base MSRP. To qualify, your total purchase or lease amount – including options, packages, and accessories – must be $50,000 or less. Canadian-made EVs have no transaction value cap, making certain GM models eligible regardless of their final price. The program runs through March 31, 2031, with incentive amounts declining annually, so the highest incentive amounts are available now.

Federal Incentive Amounts and Eligibility

The EVAP provides two tiers of incentives based on vehicle type:

• Battery-electric vehicles (BEV): up to $5,000 in 2026
• Plug-in hybrid vehicles (PHEV): up to $2,500 in 2026

These amounts decline over the program’s lifespan. By 2027, BEV incentives drop to $4,000, then to $3,000 for 2028-2029, and finally $2,000 in 2030. PHEV incentives follow a similar schedule, decreasing to $2,000 in 2027, $1,500 in 2028-2029, and $1,000 in 2030.

To qualify for an incentive, the vehicle must meet specific criteria. It must be purchased or leased on or after February 16, 2026, and have a final transaction value of $50,000 or less. The final transaction value includes the base price plus all options, packages, and dealer-installed accessories – but excludes winter tires. Canadian-made EVs are exempt from the transaction value cap entirely, making them eligible at any price point.

The vehicle must also be new or a demonstrator with less than 10,000 kilometres, manufactured in Canada or in a country with a free-trade agreement with Canada, highway-capable, and compliant with Canada’s Motor Vehicle Safety Standards.

Which Chevrolet Models Qualify

Several GM electric vehicles may appear on the EVAP Vehicle List, which includes models with manufacturer-suggested retail prices of $50,000 or less. Specific model eligibility depends on final transaction value and manufacturing origin.

GM electric and plug-in hybrid vehicles may qualify depending on their final transaction value. Even if a model isn’t listed on the EVAP Vehicle List, it can still receive an incentive if the final transaction value meets the $50,000 threshold. Conversely, being on the list doesn’t guarantee eligibility – adding premium packages or options could push the final transaction value above the cap for non-Canadian-made vehicles.

Understanding Final Transaction Value

The final transaction value determines eligibility, not the MSRP. This is a critical distinction from the previous iZEV program. Your final transaction value includes:

• Base vehicle price
• Dealer-installed options and accessories
• Manufacturer packages and upgrades
• Paint and trim upgrades

The final transaction value excludes:

• Winter tires
• Taxes
• Dealer fees
• Extended warranties and service contracts

For example, if you select a GM electric vehicle with a starting price of $45,000 and add a premium package for $3,000 plus a special paint colour for $600, your final transaction value would be $48,600 – comfortably under the $50,000 cap and fully eligible for the $5,000 incentive.

However, if you choose a higher trim with the base price of $49,000 and add options totalling $2,000, your final transaction value of $51,000 would exceed the threshold, making the transaction ineligible unless the vehicle is Canadian-made.

How to Claim Your Incentive

The claiming process is straightforward but must be handled through your dealership. Individual buyers cannot apply directly to Transport Canada. When you’re ready to purchase or lease an eligible GM electric vehicle, the dealership will submit an Eligibility Assessment to Transport Canada on your behalf. You’ll need to sign a Consumer Consent Form authorizing them to do so.

Once Transport Canada approves the assessment (valid for 90 days), the incentive is applied directly to your sale or lease agreement after taxes and fees. This means you receive the savings immediately at the time of purchase, reducing your out-of-pocket cost rather than waiting for a rebate cheque. Note that while transactions from February 16, 2026, onward qualify for the incentive, the program portal for dealership submissions opens on March 31, 2026.

The program operates on a first-come, first-served basis until March 31, 2031, or until funding is exhausted. Individuals can receive one EVAP incentive over the five-year program period. Businesses and organizations can receive up to 10 incentives over the program’s lifespan.

Learn More at Island Chevrolet Buick GMC

The Electric Vehicle Affordability Program makes transitioning to an electric Chevrolet more accessible than ever. Our team at Island Chevrolet Buick GMC can walk you through the complete incentive process, calculate your final transaction value, and help you determine your EVAP eligibility.