Last year, when I did this, I made myself a handy template so that I could just punch in the new numbers when the TTC inevitably hikes fares every year. Most years, anyway. If you want to read about the mechanics of the Metropass tax credit, see my 2012 discussion here, or head over to the Canada Revenue Agency‘s website to read about the credit.
Effective January 1, cash fares stay at $3.00, but tokens and passes are going up by 2-5% depending on fare type, and Canada’s personal tax exemption rate for 2013 is staying the same at 15%. How does this affect our chart this year?
|Fare Type||Monthly Cost||Cost Net of Tax Credit||Ticket/Token Fare Cost||Equivalent Trips in Tokens|
|Post-Secondary Metropass (for low-income students)1||$106.00||n/a||$2.65||40|
|Post-Secondary Metropass (for higher-income students)1||$106.00||$90.10||$2.65||34|
|Student2/Senior MDP Metropass||$95.75||$81.38||$1.80||46|
1There is only one post-secondary Metropass, but I have listed it twice because there is no benefit to claiming the credit for individuals (likely students) who earn less than the basic personal tax exemption, which is $11,038 for 2013.
2High school students probably can’t benefit from the tax credit themselves, but parents can claim the tax credit for passes for their children under the age of 19.
In this chart, the number of equivalent trips is the number of trips you would have to make in a month before buying the listed Metropass becomes a better value than just buying tokens or tickets instead. The pass-vs-token numbers are essentially unchanged from last year, meaning the TTC has set their prices so that monthly passes are really only a good deal if you do a lot more than just take transit to work, even if you sign up for the discount plan. Not exactly incentivizing transit use, but then again the system is overburdened as it is, so maybe the TTC sees that as a good thing.