The following is a copy of English version of the news.
OTTAWA, June 19 /CNW Telbec/ - The Canada Revenue Agency is advising
transit users to keep their monthly transit passes and receipts if they plan
to claim a proposed new tax credit for public transit use on their 2006 income
tax return.
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 all of this information, the
Agency advises that transit users also obtain a dated receipt, or retain
cancelled cheques or credit card statements, to support the claim. The credit
will be available for the portion of the pass that is used on or after
July 1st, even if the pass is purchased before that date.
Additional information on how to claim the proposed tax credit for public
transit passes will be posted soon on the Canada Revenue Agency Web site at
www.cra.gc.ca.
The transit pass credit, announced as part of the May 2006 federal
budget, will allow individuals to claim the cost of passes for commuting on
buses, streetcars, subways, commuter trains and ferries. In addition to
claiming his or her own cost of transit passes, an individual can make a claim
on behalf of a spouse or common-law partner, and the individual's children
under the age of 19, to the extent that they have not already been claimed by them.