Take advantage of the federal tax credit for TTC passes
February 26, 2014
The Toronto Transit Commission reminds customers that monthly and weekly transit passes are eligible for a federal income tax credit. The non-refundable tax credit applies to the TTC Metropass, the TTC Weekly Pass and the GTA Weekly Pass. Passes for Adults, Post-Secondary Students and Seniors/Students are all eligible for the tax credit.
Each 2013 Metropass claimed is eligible for a 15-per-cent tax credit on your 2013 tax return. Weekly passes are eligible under specific conditions.
Your expired Metropass or Weekly Pass is your receipt. Customers who subscribe to the Metropass Discount Plan (MDP) will be issued an annual tax receipt by the TTC by the first week of March.
MDP subscribers can save up to $129 a year on the Adult Metropass and $123 on the Senior/Student Metropass. Subscribers can also save up to an additional $212 on the cost of their transit trips through the federal tax credit.
For more details -- and to calculate your tax credit -- please please visit the Canada Revenue Agency website .
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