CRA Tax Tip: Save on gas, get your transit pass!

The Canada Revenue Agency (CRA) has issued the following Tax Tip reminding Canadians about the tax credit for public transit passes. Save those transit passes!

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.