You are smarter than the average commuter. Sitting on the highway or inching along downtown streets, paying for gas and parking as well as the waste of your valuable time is not the smart way to commute. Instead, using public transit, such as the GO train, is less costly, environmentally friendly, more relaxing and may qualify as a tax credit.
In order to encourage Canadians to take public transit rather than their own vehicles, a non-refundable public transit credit is available on your tax return. Any form of public transit including trains, buses, subway, streetcars and ferries can be used. The tax credit will reduce your Federal taxes payable by 15% of the cost of the annual transit.
If you have a monthly pass, simply put the pass in the shoebox with your other tax papers. If you use weekly passes, you would need to have enough weekly passes to allow you unlimited travel for 20 days in a 28 day period. Single ride/trip passes are not eligible for the tax credit.
The Presto Transit Usage Report can be printed and kept for tax time. Download your usage report, which will be available beginning March 1 from your Presto account. Come in to your local Liberty office when you are ready to file and we’ll show you how your smart commuter ways are also saving you money at tax time.