According to today’s Metro newspaper the following goes into effect for the month of July.
If you purchase a TTC Metropass or GO / Mississauga Transit monthly pass any month from July til the end of the tax year you will get a 15.25% tax credit.
If you wish to be able to claim this credit for your taxes it is recommended to keep the pass itself plus a receipt. Now, I have never before asked for or known I could get a receipt for these passes, but now you can bet I won’t forget to ask for one!
(Just like how I didn’t know that at certain TTC subway stations, you could use your Interac card to pay for them.)
One more item they pointed out is that the tax credit is transferable, much like education expenses amounts.
Not that this item was without controversy. Dale Mugford’s user diary over at Progressive Bloggers from Aug 5, 2005 read
Who’s going to trade in their new SUV or hummer because suddenly they are enlightened about environmental damage and are spurred to such enlightenment hearing about saving the cost of three weeks worth of gas at the pumps in tax-cuts if they switch to public transit? The answer is no one. The cuts are to grab votes in an area of the country where Conservatives do piss-poorly.