Monthly Pass tax rebate information
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.
Related posts:
Plus there’s no credit for weekly passes… oh. :(
Stephen! Did you not see the fantastic title of my next, as of yet unpublished entry? “TTC tax thing.” You totally stole my thunder! hahahahaha.
Much better entry than I could have written though. Love the graphic!
As for Dale Mugford. Did he bother pointing out that while the SUV and Hummer crowd might not be swayed by the Transit Tax Credit, those without money to burn - or more accurately those without money to buy gas to burn - might see a 15.25% credit sufficient persuasion to use public transportation?
He makes a poor argument though I do agree with, “The cuts are to grab votes in an area of the country where Conservatives do piss-poorly.”
Heh heh. “Piss.”
Where does that leave Metropass subscribers then? Receipts aren’t issued with each new pass.
The tax credit should be REFUNDABLE - transferable doesn’t do much for people who don’t earn enough to pay tax who don’t have a high income partner. I did start getting one this month as this means with the credit passes are cheaper than tokens when doing the Mon-Fri commute.
As for the analysis from Dale Mugford - “owt is better than nowt” as they say in Yorkshire.
Tanja - Keep your bank statements. There’s an explanatory page (at last) at ttc.ca
Two other things
- if you buy single passes at Union you can use a credit card - if it’s Canadian Tire you get CT money :)
- I find it weird that you have to fill in a drivers licence number on a metropass plan application…