Ontario announces plan for staycation tax credit and here's how it works
The Ontario government has announced its plan for a staycation tax credit.
Anyone planning a getaway within the province in the 2022 tax year could be eligible under the new "Ontario Staycation Tax Credit" program.
The program was announced as part of the Ford government's Fall Economic Statement, which was tabled on Thursday.
Ontarians would get a 20 per cent personal income tax credit on eligible accommodation between Jan. 1 and Dec. 31, up to a maximum of $1,000 for an individual and $2,000 for a family, for a maximum credit of $200 or $400 respectively.
Ontario residents could apply for this refundable credit when they file their 2022 personal tax returns and benefit even if they do not owe any tax.
Tobermory, Ont. is seen in this undated photo. (Flickr)
According to the government, an eligible accommodation expense would have to be:
- For a stay of less than a month at an eligible accommodation such as a hotel, motel, resort, lodge, bed-and-breakfast establishment, cottage or campground in Ontario
- For a stay between Jan. 1 and Dec. 31 of 2022
- Incurred for leisure
- Paid by the Ontario tax filer, their spouse or common-law partner, or their eligible child, as set out on a detailed receipt
- Not reimbursed to the tax filer, their spouse or common-law partner, or their eligible child, by any person, including by a friend or an employer
- Subject to Goods and Services Tax (GST)/Harmonized Sales Tax (HST), as set out on a detailed receipt.
The government said this tax credit will help the tourism and hospitality sectors recover and encourage Ontarians to explore the province.
The credit would provide an estimated $270 million to support over one-and-a-half million families to further discover Ontario, the government said.
Ontario NDP Leader Andrea Horwath said Thursday she believes the staycation credit won't help families and says it should have been a full $1,000 refund on costs spent on a vacation in the province.
"This thing that is in the update today - about $200 is what it comes out to - that's really not going to help families a great deal," Horwath said. "That's why our $1,000 tax credit idea might be helpful to some families who normally would have taken that vacation right now."
CTVNews.ca Top Stories
Missing 3-year-old boy found dead in creek in Mississauga, Ont.: police
A three-year-old boy has been found dead a day after he went missing in a park in Mississauga, Ont., Peel police say.
Celine Dion delivers stirring comeback performance at Paris Olympics opening ceremony
Against the rainy Paris night sky, Celine Dion staged the comeback of her career with a powerful performance from the Eiffel Tower to open the Olympic Games.
Jasper wildfire: 'Several weeks' before residents can return, premier says
Premier Danielle Smith said Friday afternoon in Hinton while weather conditions are cooler, the Jasper fire is still considered out of control and that Jasper residents can expect to be away from their homes 'for several weeks.'
Irish museum pulls Sinead O'Connor waxwork after just one day due to backlash
An Irish museum will withdraw a waxwork of singer-songwriter Sinéad O'Connor just one day after installing it, following a backlash from her family and the public, it told CNN in a statement on Friday.
Winnipeg senior's account overdrawn for $146,000 water bill
A Winnipeg senior is getting soaked with a six-figure water bill.
FBI says Trump was indeed struck by bullet during assassination attempt
Nearly two weeks after Donald Trump's near assassination, the FBI confirmed Friday that it was indeed a bullet that struck the former president's ear, moving to clear up conflicting accounts about what caused the former president's injuries after a gunman opened fire at a Pennsylvania rally.
Driver charged after flashing high beams at approaching police
Orillia OPP arrested and charged a driver with impaired driving after flashing their high beams.
Turpel-Lafond won't sue CBC over Cree heritage report that took 'heavy toll': lawyer
The lawyer for a former judge whose claims to be Cree were questioned in a CBC investigation says his client is not considering legal action against the broadcaster after the Law Society of British Columbia this week backed her claims of Indigenous heritage.
Major Canadian bank experiences direct deposit outage on payday
Scotiabank says it has fixed a technical issue that impacted direct deposits on Friday morning.