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Tax Credit
With the approval of the 2006 Federal Budget, residents will be able to claim a portion of the cost of a transit pass on their 2006 Income Tax Return. Residents will also be able to claim transit passes for dependents. This will only apply to monthly passes.
The non-refundable tax credit will be 15.25% of the cost of a pass in 2006 and 15% of the cost of a pass in 2007. The credit will apply to the portion of the cost of transit passes after June 30th, 2006.
The following link provides additional information regarding the Transit Tax Credit.

