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Budget 2006 Random Tidbits

xarir

Retired TERB Ass Slapper
Aug 20, 2001
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I'm reading through Budget 2006 right now. Buried rather deep in the document is a tax credit for public transit passes. Basically if you buy a Metropass or equivalent for GO or other public transit system, you will be allowed to claim a tax credit on your income taxes.

The credit will be 15.25% for 2006 and 15.5% for 2007 and subsequent years. An annual Metropass costs $91.50 per month. Take 15.25% off that and you can take "The Better Way" for $77.55 per month (after July 1 that is).

A few other random, small points:

With the GST reduction, a few other excise taxes will rise to offset the effects of GST. Specifically, tobacco and alcohol taxes will rise by an equal and opposite amount to the GST reduction.

Effective immediately, jewellery should (in theory) become cheaper as the jewellery excise tax is repealed.

Donation of pubiically-traded stocks to charities become tax-free events.
 
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