Tax Credit for Public Transit Passes

Tax Credit for Public Transit Passes

Tax Credit for Public Transit Passes

In today's fast-paced society, getting from point A to point B is extremely important. However, some disabled Canadians are unable to drive due to their disability. Others rely on public transportation due to inaccessibility or cost.

Are you aware that the full amount paid for public transit passes during a tax year can be claimed as a as a non-refundable tax credit in that year? Included in this are monthly and yearly passes, if they allow for unlimited travel, on the following methods of transportation:

local buses

streetcars

subways

commuter trains or buses, or

local ferries

How to Support Your Claim

Your transit passes need to display all of the following information to support your claim:

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, either by name or unique identifier

If the pass your transit authority issues does not contain all of the aforementioned information, you will also need to keep receipts along with your pass(es), to support your claim.

Completing Your Tax Return

Online 364of Schedule 1,Federal Tax, enter your Public Transit Amount. Enter the dollar amount you paid throughout the year on this line. To calculate the resulting refund, you must multiply the amount on line 364 by the lowest tax rate, which in year 2009 was 15%. Remember, as a non-refundable tax credit, this credit will only result in a refund if you pay into income taxes.

As in all other situations, whether you are filing a paper return orfiling electronically, keep all of your supporting documents (receipts and passes) in case the Canada Revenue Agency (CRA) asks to see them.

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