Public Transit Pass Tax Credit
Posted by: Frugalis.ca
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If you are a commuter using a monthly or longer public transit pass, you may be eligible to save on your taxes with the Public Transit Pass Tax Credit. Under this plan, taxpayers can receive a 15% tax credit for all eligible public transit passes. |
| For example, if you spend $100 a month for 12 months on a bus pass, the amount you can claim for 2008 would be $1200, resulting in a $180 non-refundable tax credit. It’s like receiving an indirect discount on your transit pass. Non-refundable means that it is applied to your taxes owed and does not result in a direct cash refund.So don’t forget to claim your Public Transit Tax Credit when you file your taxes and be sure to keep your receipts and/or passes as proof.
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