Tax Tips

 

Transit Pass Credit

Travelling by public transit has its tax advantages.

You can claim the cost of monthly transit passes or passes of longer duration for public transportation, which includes local bus service, streetcar, subway, commuter train, commuter bus and local ferry.

The cost of passes for shorter duration may also be claimed if each pass allows you unlimited travel for at least five consecutive days and you purchase four consecutive weeks.

This credit can be claimed by either parent. To get the maximum benefit, combine the cost incurred for you, your spouse or common-law partner and dependent children under the age of 19.

Remember to keep your receipts and passes to support your claim.