Any last-minute weekend getaway plans on your mind? Well, you’ll want to hit the road and book your local trip VERY soon because the Ontario staycation tax credit is expiring by the end of 2022. So if you’re hoping to get some sort of refund back for your trip, you have a few weeks left to do so.
If you are an Ontario resident on December 31st, 2022, then you can claim the credit and get paid back for your accommodations made within the year. Through the program, Ontarians who have a 2022 staycation in the province can get a 20% personal income tax credit on eligible overnight stays over the course of the year. The staycation credit was rolled out back in January to encourage local travel in the province.
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It’s not too late to book your next staycation but you do have until December 31st, 2022 to be eligible for the refund. You can claim up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner, or eligible children, to get back up to $200 as an individual or $400 as a family.’
The following accommodations are eligible for the tax credit:
- hotels
- motels
- resorts
- lodges
- bed-and-breakfasts
- cottages
- campgrounds
- vacation rental properties
The credit can also be used for the accommodation portion of a tour package.
The credit can only be claimed for leisure stays between January 1st and December 31st, 2022. You can claim it on your personal Income Tax and Benefit Return for 2022.
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As long as you have a detailed receipt of your purchase (with the location, date, GST/HST, and amount stated), then you’re good to go.
And when it comes to spending money, some Ontario cities will give you cash just for booking a staycation at one of their hotels this year.
With all of this in mind, we give you full permission to book that getaway guilt-free.
