Have you been looking to get away this year - but thinking, 'do I really want to travel too far from home?'
Well, the latest incentive from the provincial conservatives is to give you up to 20 per cent back via a tax credit. It's called the Ontario Staycation Tax Credit, and you'll get the money back when you file your 2022 Personal Income taxes in 2023. There are some caveats, like what qualifies and how much.
Ontario residents are encouraged to discover the province and support Ontario’s crucial tourism industry this March Break and all year round with the Ontario Staycation Tax Credit. With this Personal Income Tax credit, residents will get back up to 20 per cent on their eligible accommodation expenses for leisure stays in the province this year.
“Ontario offers the world in one province — from vibrant cities to historic small towns, food trails to festivals, and mountains to beaches,” said Lisa MacLeod, Minister of Heritage, Sport, Tourism and Culture Industries.
“The Ontario Staycation Tax Credit will help make travel more affordable and encourage Ontarians to explore their province, reinvigorating local tourism economies by delivering a much-needed boost to local businesses while keeping Ontario competitive in the global market.”
The temporary Personal Income Tax credit will allow Ontario residents to claim eligible accommodation expenses, up to a maximum of $1,000 for individuals and $2,000 for families. The credit will provide up to a maximum of $200 for an individual and $400 for a family.
Ontarians could get back up to 20 per cent on eligible accommodation expenses for stays between January 1 and December 31, 2022, at hotels, motels, lodges, bed-and-breakfast establishments, cottages, campgrounds and other short-term accommodations in Ontario that are subject to GST/HST.
Ontario residents can apply for the credit when they file their 2022 personal Income Tax and Benefit Returns in 2023 and can receive the credit even if they do not owe income tax. Residents must keep detailed receipts for their eligible Ontario accommodation expenses.
The Ontario Staycation Tax Credit is estimated to provide $270 million in support as part of the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario.