If you grudgingly pay for your monthly transit pass, then hopefully you saved last year’s expired passes — especially if you’re a tax procrastinator.
Today is the deadline for filing your income taxes and a chance to make the government pay you for riding the SkyTrain or bus.
Mike Fahrmann, tax partner with KPMG in Vancouver, said people might not realize they can claim last year’s monthly transit passes under the transit pass tax credit.
A transit user who spends $80 per month on a transit pass could save about $150 for the year.
You can also claim the credit for passes used by your spouse or children.
Fahrmann added that if you haven’t filed your taxes you can still get them in on time and avoid the five per cent late penalty.
“You can do it electronically on the Revenue Canada website,” he said, adding that paper returns are considered received on the date they’re post marked.
“Your real last-minute strategy is to drive it to Revenue Canada and drop it in the big box in their lobby. I think they even stay open late (today).”
