Bus passes qualify for income tax credit 

A new federal program allows transit riders to get a tax break on their bus passes.

That means Whistler WaveCard holders will now qualify for a non-refundable tax credit on their 2006 tax returns on all transit passes of one-month or longer. The passes must be purchased or validated for travel after July 1, 2006.

The tax credit represents a savings of $7.62 on each 30-day pass on an income tax return, or $5.34 on each student or senior 30-day pass.

The Canada Revenue Agency is advising transit users to keep expired 30-day WaveCards, keep the dated receipt, and write your name on the back of the WaveCard.

For those transit riders in the middle of a 30-day pass, the tax credit will apply for the portion of the WaveCard used on or after July 1, even if the card was purchased or validated before that date.

To learn more about the program go to www.cra-arc.gc.ca.


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