About the Federal Income Tax Credit for Transit Passes
January 17, 2008
On July 1, 2006, the Government of Canada launched its program to offer individual Canadians a non-refundable tax credit to help cover the cost of weekly or longer duration public transit passes.
Individuals may claim the tax credit for public transit passes on the 2007 income tax return for the amounts paid for travel that occurs during the 2007 calendar year, but you must have proof of purchase.
The amount claimed will be multiplied by the lowest personal income tax rate for the year - under proposed changes, 15% for the 2007 taxation year - and then is deducted from the amount of tax owed for that year.
To learn more about the new federal income tax credit for transit passes, Please visit About the Tax Credit for Public Transit Passes
and Tax Credit for Public Transit Passes