In the 2006 budget, the federal government announced a new tax credit for the use of public transit. The credit will be based on receipts for transit passes covering at least a one month period. Shorter periods, such as daily or weekly passes will not qualify. You can claim eligible transit costs for yourself, your spouse or common-law partner or your dependent children less than 19 years of age. This program commenced July 1, 2006, so don’t forget to save all eligible transit pass receipts after that date.

Please contact your accountant at Harvey, Lister & Webb Incorporated to discuss the possibilities.

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