Tax tip: Save on gas, get your transit pass!

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The following is now available on the CRA Web site:

Did you know…

That individuals can claim a non-refundable tax credit for public transit passes? You will be able to claim the cost of buying a monthly (or longer duration) pass for commuting on buses, streetcars, subways, commuter trains and local ferries for this proposed non-refundable tax credit.

You can claim the full amount paid for a public transit pass, or for the cost of passes for multiple transit systems, for the amounts you have paid for travel that occurred after June 30, 2006. You can include the cost of passes for yourself, your spouse or common-law partner or your children under age 19.

You will need to keep the expired monthly transit passes for the months after June 2006 to support your claim.

For more information, visit http://www.cra-arc.gc.ca/whatsnew/items/transit-e.html or www.transitpass.ca.

SOURCE: CRA Tips

Comments

I wonder what percentage of transit users actually have high enough income to pay taxes and take advantage of this non-refundable credit.

Well, you might be surprised how many people take the bus, to save parking costs .. or that live close to routes straight downtown .. So .. my guess is that the actual percentage of people who WILL CLAIM that tax credit .. will ask for a receipt and provide it to make a claim with their income tax preparer!

As a percentage of all bus riders .. I would think that number would be low ..

What do I know though? 😀

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