Public Transit Tax Credit
So it appears that Presto changed the way they calculated the charts? Does anyone know if this needs to be calculated manually now?
Please and thanks
Please and thanks
Feb 20th, 2018 3:37 pm
Feb 20th, 2018 3:54 pm
Feb 20th, 2018 4:29 pm
Does not answer @jojochiu questionsamal1595 wrote: ↑ Federal Budget 2017: end of public transit tax credit brings mixed emotions in Ontario
https://globalnews.ca/news/3328953/publ ... liminated/
Feb 20th, 2018 4:41 pm
Feb 20th, 2018 5:29 pm
The breakdown appears to be there strictly for the convenience of a user who has several types of public transit receipts. So you can enter one amount in either of those boxes. UFile will simply add up the amounts of each box and report the total on the appropriate line of your Schedule 1. Some tax software don't even offer a breakdown and simply ask you for a total amount.Conundrum1911 wrote: ↑ That said, does anyone know if the CRA really just needs the total dollar amount spent? I use UFile, and for some reason it wants it broken down into money spent on bus, train, streetcar, etc...all separately. I doubt the CRA cares really if I paid $3 on a bus vs a subway station...
Feb 20th, 2018 6:19 pm
Feb 20th, 2018 6:38 pm
Did you make at least 32 one-way trips over a maximum of 31 consecutive days?
Feb 20th, 2018 7:28 pm
Yes you can still claim for first 6 months of 2017, and it was a federal credit, so ends for the whole country, not just ontariotk1000 wrote: ↑ Did you make at least 32 one-way trips over a maximum of 31 consecutive days?
You can only claim the cost of monthly public transit passes or passes of longer duration for travel on public transit for the period of January 1, 2017 to June 30, 2017.
from https://www.canada.ca/en/revenue-agency ... mount.html
Feb 20th, 2018 8:48 pm
Perfect -- I guestimated the breakdown but good to know I don't actually need to itemize it and essentially just count the rows (up to July 1st) x $3 for the amount. I use the TTC every day for work, so at 10 trips a week hitting the 32 in a month is a non-issue for me.airodyssey wrote: ↑ The breakdown appears to be there strictly for the convenience of a user who has several types of public transit receipts. So you can enter one amount in either of those boxes. UFile will simply add up the amounts of each box and report the total on the appropriate line of your Schedule 1. Some tax software don't even offer a breakdown and simply ask you for a total amount.
Feb 21st, 2018 9:46 pm
It sounds like you're using Presto and not a Metropass. They generate a usage report. You should store that file in case the CRA asks for it. I presume the report gives you a breakdown. (I've had a Presto card for less than a year, so I haven't seen my report yet.)Conundrum1911 wrote: ↑ Perfect -- I guestimated the breakdown but good to know I don't actually need to itemize it and essentially just count the rows (up to July 1st) x $3 for the amount. I use the TTC every day for work, so at 10 trips a week hitting the 32 in a month is a non-issue for me.
Feb 21st, 2018 9:57 pm
They used to. They say they still do, but for 2017 they just give you per-trip info in a CSV and expect you to do the calculation yourself.
Feb 23rd, 2018 2:38 pm
Feb 24th, 2018 4:19 pm
I use Ufile as well as other family members, we just try to fill in bus, train, streetcar sections as accurately as we can (it can be hard when you use Go Transit and Ttc daily on the same card), Cra even asked for documentation recently and it was sent with all clear given a couple of months later.Conundrum1911 wrote: ↑ Perfect -- I guestimated the breakdown but good to know I don't actually need to itemize it and essentially just count the rows (up to July 1st) x $3 for the amount. I use the TTC every day for work, so at 10 trips a week hitting the 32 in a month is a non-issue for me.
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