Part 1:  Personal Federal Taxes Changes

6.  Public Transit Tax Credit

Public transit tax credit is a non-refundable tax credit that is available to an individual in respect of the cost of eligible transit passes.  It was introduced by the federal Conservative government in 2006 with an intention to encourage residents to take public transits instead of driving in order to reduce traffic congestions and green house effects.

However, in Budget 2017, federal Liberal government eliminated this credit starting July 1, 2017.

In Summary

• Currently, 15% non-refundable tax credit is available to an individual in respect of the cost of eligible transit passes.
• Starting July 1, 2017, such tax credit is eliminated.

For more information, please contact us @ 604-639-3229 or info@theresalocpa.ca

Note:  All information relating to the credit above is available from the government website.

By Theresa Lo, CPA, CGA

February 13, 2018