Ontario's staycation tax credit is now in effect and this is how it works
Ontario's staycation tax credit for 2022 is now in effect.
Anyone planning a getaway within the province in 2022 could be eligible for a tax refund under the new "Ontario Staycation Tax Credit" program.
Ontarians can 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 can apply for this refundable credit when they file their 2022 personal tax returns and benefit even if they do not owe any tax.
Ontarians should expect to see a mix of wet and warm weather this summer. (The Canadian Press)
According to the government, an eligible accommodation expense has 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 could provide an estimated $270 million to support over one-and-a-half million families to further discover Ontario, the government said.
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