(CNW) Transit users should keep monthly transit passes and receipts if they want to claim the new tax credit for public transit use on their 2006 income tax return. The transit pass credit was announced in the May 2006 federal budget.
Canada Revenue says if a transit pass displays the following
information, the pass itself will be sufficient to support a
claim for the tax credit: an indication that it is a monthly
(or longer duration) pass; the date or period for which the
pass is valid; the name of the transit authority or
organization issuing the pass;  the amount paid for
the pass; and the identity of the rider, either by name or
unique identifier.
If a transit user’s pass does not contain this
information, the agency advises that transit users also obtain
a dated receipt, or retain cancelled cheques or credit card
statements.
The credit will be available for the portion of the pass that
is used on or after July 1, even if the pass is purchased
before that date. Additional information will be posted soon on
the Canada Revenue Agency website at
www.cra.gc.ca
