Canadian Federal Tax Credit for using transit

Updated, with commentary at the end

From the York Regional Transit website:

NEW Transit Tax Credit

Effective July 1, 2006, YRT/Viva Monthly Pass holders will be eligible for a federal government transit tax credit of 15.5% on their 2006 income tax returns. This credit applies to 1 Zone and 2 Zone Adult, Student or Senior/Child Monthly Passes.

To claim your tax credit, you must retain your monthly pass for each month claimed, as well as a "2006 YRT/Viva Transit Tax Credit Official Monthly Pass Rate Card," available at your ticket agent, on the YRT website or through the YRT Customer Service Centre. YRT/Viva is not responsible for the replacement of lost Monthly Passes.

For more information, please visit the Canadian Urban Transit Association website generally, here Transit Pass Tax Credit Begins July, 1, 2006 for specific information, and here for information about the tax credit on the Canada Revenue Agency website: Tax Credit for Public Transit Passes.

During a visit to the Richmond Hill Transit Terminal in York Region today, the Honourable Jim Flaherty, Minister of Finance and Minister Responsible for the Greater Toronto Area, the Honourable Rona Ambrose, Minister of Environment, and Bill Fisch, Chairman of the Regional Municipality of York, encouraged Canadians to leave their cars at home and use public transit. From the press release, "Taking Public Transit is Now More Affordable in Canada" on the Canadian Government website.

In the U.S., when gas prices went up, the Republicans suggested giving people $100 to defray the costs, and some states temporarily suspended the collection of state excise taxes on gasoline. Instead, how about encouraging sound sustainable behaviors. Apparently, some Canadian environmentalists have complained that this policy doesn't go far enough. On the other hand, it is a proper step forward, rather than encouraging continued sprawl or the destruction of what remains of the U.S.'s national railroad transportation system.

Index Keywords: transit