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If you’re in Ontario, your senior clients who use public transit are eligible for a new tax credit — the seniors’ public transit tax credit.

The credit is refundable and equal to 15% of a senior’s eligible public transit costs, and came into effect on July 1, 2017 (i.e., only payments for public transit services between July 1 and December 31 are eligible for the 2017 taxation year).

Ontario’s budget says the annual benefit of the credit is $130.

Also read:

How clients can be undone by undue influence

The tax benefits of clients giving ‘never money’ while still alive

Focus on seniors evident in industry services and research

Originally published on Advisor.ca
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