Riding the rails may be a little easier to take knowing that you can deduct the costs.
“If either you or your spouse/common-law partner commutes on buses, streetcars, subways, commuter trains or ferries, you can claim a non-refundable federal tax credit for eligible public transit costs,” advises Chartered Accountant Gary Kopstick, Senior Tax Partner, Soberman LLP in Toronto.
“This credit applies to monthly passes and weekly passes (as long as four consecutive weekly passes are purchased). Certain electronic payment cards also qualify for the credit. The passes or cards must be purchased for you, your spouse/common-law partner or any of your children under the age of 19. If you are entitled to this credit, keep your receipts and passes.”
Brought to you by the Institute of Chartered Accountants of Ontario.
The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession’s high standards of qualification and the enforcement of its rules of professional conduct. The Institute works in partnership with the other provincial Institutes of Chartered Accountants and the Canadian Institute of Chartered Accountants to provide national standards and programs that are used as examples around the world. </em>
