Transit Tax Break

Canada Revenue Agency
Tax Credit web site www.transitpass.ca

Save your expired transit passes ...
they’re your receipt for income tax!

With the approval of the federal budget, you’ll be able to claim the cost of your transit pass on your Income Tax Return.

You’ll also be able to claim transit passes for your dependents. This will apply to monthly, semester and annual passes, as well as ECOPASS.

In order to claim this tax credit:

Transit Pass
1. Keep your expired transit pass as your receipt.
2. File your expired pass vouchers in a safe place.

The non-refundable tax credit will be 15% in 2007 of the cost of your pass. The credit will apply to the portion of the cost of transit passes.

Example of the 2007 non-refundable tax credit:

6 regular adult monthly passes @ $71.25 x 15 % = $ 64.13
6 regular adult monthly passes @ $73.00 x 15 % = $65.70
6 regular student monthly passes @ $58.25 x 15 %=$52.43
6 regular student monthly passes @ $59.75 x 15 % = $53.78

Monthly Passes

Your monthly transit pass shows the purchase price, so please retain pass vouchers for Income Tax purposes.

Annual and Semester Passes

When you buy an Annual or a Semester pass, ask for a receipt since these passes do not show the purchase price. You can also get a statement of the value of the pass at an OC Transpo Sales and Information Centre. You’ll need to keep both your pass voucher and the statement. for Income Tax purposes.

Another option is to print the following which is a statement of the value of the various annual or semester transit passes:

Annual Pass Value Statement*

Semester Pass Value Statement*
(post-secondary students only)

* Please retain the appropriate Pass Value statement for Income Tax purposes as well as your pass voucher or receipt.

ECOPASS

ECOPASS payroll deductions will appear in box 84 of your T4 slip.