Do you or your family members regularly use public transit? If so, then you may be eligible to claim a special tax credit for transit passes purchased in 2007 on your 2007 personal income tax return.
This tax credit is available for transit passes used in 2007. There is no limit to the amount you may claim. Claims may be made in respect of passes that provide unlimited use of public transit for an uninterrupted period of at least 28 days.
A claim is also available for weekly passes provided they are purchased after 2006 for at least four consecutive weeks and each pass provides at least 5 consecutive days of unlimited public transit use.
Eligible cost-per-trip electronic payment cards may also qualify in 2007 provided they are used for at least 32 one-way trips during an uninterrupted period of no more than 31 days. Check with your public transit authority to ensure the card they issue is eligible.
You may claim the eligible cost for yourself, your spouse or common-law partner, and your children under the age of nineteen at the end of the year. See the CRA website for more details.
Save those old transit passes. They could be worth 15 cents on the dollar when you file your tax return.
Information for Tax Tips is provided as a public service by the Chartered Accountants of British Columbia.