Personal Finance

Income Taxes (TTC metropass)

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  • Sep 30th, 2011 9:46 am
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Newbie
Aug 21, 2011
9 posts
TORONTO

Income Taxes (TTC metropass)

I would just like to know if anyone has a list of the prices of the monthly metropass since 2008. I have not filed my taxes since then, and i would like to claim the amount i have used to buy metropasses. Unfortunately, I didn't keep records of those since I normally buy my metropass from the collector booth. I know on some of them the prices are printed right on the metropass.. but if someone could just give me a month to month breakdown, or even a yearly breakdown will be greatly appreciated.

cheers! :D
8 replies
Member
User avatar
May 19, 2006
487 posts
62 upvotes
I think you are supposed to have receipts for them or the actual passes with the amounts on them.
If you get audited and can't show proof of payment then that's trouble. :evil:
Deal Addict
User avatar
Nov 14, 2006
1743 posts
168 upvotes
Kitchener
3. What will I need to support my claim?
At a minimum, you will need to keep your expired monthly transit passes for months after June 2006 to support your claim.

If your transit pass displays all of 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 the pass does not have all of this information, you will also need to keep receipts, cancelled cheques or credit card statements, along with your pass(es), to support your 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.

The Canada Revenue Agency (CRA) will accept receipts (letters) generated by employers or Employer Pass Program Coordinators for employer transit pass programs. The receipt should note the purpose, exact amount received, date of payment, and name of the payee.

Generally, the CRA does not consider a bank statement a valid receipt. However, if the statement clearly indicates the purpose of the debit (for example, Employee FareCard), we will accept this as support for the claim.

You will not need to submit any documentation when you file your return, but you must keep it in case the CRA asks for it in verifying your claim.
http://www.cra-arc.gc.ca/whtsnw/tms/trnst-eng.html
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Newbie
Dec 14, 2010
22 posts
you will also too be able to show that you have the passes. My wife has been audited mulpile times where they want copies of the actual monthly pass.
Deal Addict
User avatar
Jul 31, 2011
4225 posts
55 upvotes
NORTH YORK
babyscarface wrote:
Sep 28th, 2011 10:24 pm
I would just like to know if anyone has a list of the prices of the monthly metropass since 2008. I have not filed my taxes since then, and i would like to claim the amount i have used to buy metropasses. Unfortunately, I didn't keep records of those since I normally buy my metropass from the collector booth. I know on some of them the prices are printed right on the metropass.. but if someone could just give me a month to month breakdown, or even a yearly breakdown will be greatly appreciated.

cheers! :D
Nice try. Your pas is proof. No pass, no proof.



--------------------------------------------------------------------------------------

3. What will I need to support my claim?
At a minimum, you will need to keep your expired monthly transit passes for months after June 2006 to support your claim.

If your transit pass displays all of 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 the pass does not have all of this information, you will also need to keep receipts, cancelled cheques or credit card statements, along with your pass(es), to support your 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.

The Canada Revenue Agency (CRA) will accept receipts (letters) generated by employers or Employer Pass Program Coordinators for employer transit pass programs. The receipt should note the purpose, exact amount received, date of payment, and name of the payee.

Generally, the CRA does not consider a bank statement a valid receipt. However, if the statement clearly indicates the purpose of the debit (for example, Employee FareCard), we will accept this as support for the claim.

You will not need to submit any documentation when you file your return, but you must keep it in case the CRA asks for it in verifying your claim.
Deal Addict
User avatar
Apr 29, 2002
3812 posts
27 upvotes
Mississauga
babyscarface wrote:
Sep 28th, 2011 10:24 pm
I would just like to know if anyone has a list of the prices of the monthly metropass since 2008. I have not filed my taxes since then, and i would like to claim the amount i have used to buy metropasses. Unfortunately, I didn't keep records of those since I normally buy my metropass from the collector booth. I know on some of them the prices are printed right on the metropass.. but if someone could just give me a month to month breakdown, or even a yearly breakdown will be greatly appreciated.

cheers! :D

CRA will own you if they audit you and you can't provide proof of receipts (ie: the old metropasses). Probably not worth it to claim these on your return.
Deal Addict
User avatar
Jul 31, 2011
4225 posts
55 upvotes
NORTH YORK
babyscarface wrote:
Sep 28th, 2011 10:24 pm
I would just like to know if anyone has a list of the prices of the monthly metropass since 2008. I have not filed my taxes since then, and i would like to claim the amount i have used to buy metropasses. Unfortunately, I didn't keep records of those since I normally buy my metropass from the collector booth. I know on some of them the prices are printed right on the metropass.. but if someone could just give me a month to month breakdown, or even a yearly breakdown will be greatly appreciated.

cheers! :D

Nov 15Th 2007 it increased from 99.75 to 109/-. Then from Jan 2010 its 121/-.
But you cant use this as you don't have proof. for 15% discount don't cheat. Its not worth. If you claim then you are cheat and cheap and.
Deal Addict
Mar 17, 2009
1889 posts
1300 upvotes
Toronto
I'm usually photocopie the whole year of metropass then send along together with income tax to CRA.
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