The tax credit for public transit passes is a non-refundable tax credit for the cost of buying a monthly (or longer duration) pass for commuting on buses, streetcars, subways, commuter trains and ferries.
You will be able to claim the tax credit for public transit passes on your 2006 income tax return for the amounts you have paid for travel that occurs after June 30, 2006.
You will need to keep your expired transit passes and your sales receipts to support your claim. These two documents contain all of the information that the Canada Revenue Agency requires. (See list below for the required information)
- an indication that it is a monthly (or longer duration) pass
- the date or period for which the pass is valid
- the name of the transit authority or organization issuing the pass
- the amount paid for the pass
- the identity of the rider
Cancelled cheques or credit card statements (along with expired passes) can be used in lieu of a receipt to support your claim.
You will not need to submit any documentation when you file your return, but you must keep it in case the Canada Revenue Agency (CRA) asks for it in verifying your claim.
You can claim the full amount paid for your transit pass, or for the cost of passes for multiple transit systems (see question 5 below).
The tax credit is a non-refundable tax credit, which means that the amount you claim is multiplied by the lowest personal income tax rate for the year (15.25 per cent in 2006) and is then deducted from your tax otherwise payable.
Yes, you can claim the full amount of any combination of transit passes.
Yes, you can claim the tax credit for public transit passes on behalf of your spouse, common law partner, and your children under the age of 19, to the extent that these amounts have not already been claimed.
Peterborough Transit does not replace lost, stolen or confiscated passes.
- All 30-day Passes
- Senior Annual and Semi-Annual Passes
- Fleming Semester Passes
- Trent U-Pass
