Tax Credit Transit
July 19th, 2008
Question: Canada – tax credit for public transit – means public transit is free?
Hey. I was checking the output of tax program w/my tax filing, so I noticed an interesting line – line 364 – Public transit amount, which says you can reimburse monthly/similar passes for public transit.
Am I missing something, or does this essentially mean public transit in Canada is free if you have enough income to cancel out by this tax credit?
Too bad I didn’t keep any recipes and don’t remember in which month I purchased which pass or no pass!
Answer: No, the tax credit represents only a small portion (15%) of your transit passes.
Not free.
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Tags: canada, government, tax, tax credit transit canada, taxes, transit