Tax credit for monthly CAM pass : Keep it and save
Montreal, 27 June 2006 - In its 2006 budget, the federal government announced that, beginning July 1, public transit users could avail themselves of a non-refundable tax credit for their monthly CAM passes when preparing their federal income tax return.
The non-refundable tax credit is equivalent to 15.25% of the cost of the monthly pass for 2006. The tax credit can be obtained by individuals or their married or common law spouse for monthly fares paid for themselves, their spouse and dependent children under the age of 19 if the amounts have not already been claimed.
Until the federal government determines the proper procedure to obtain the tax credit, the STM advises clients to hold on to their regular or reduced fare monthly CAM passes. Moreover, in order to comply with identification criteria set by the federal government, transit users must include their name and address in the reserved space on each pass.
More information about how to request the tax credit will soon be available on Revenue Canada’s website at www.cra-arc.gc.ca.