If you’re looking at booking a vacation, you might want to keep the destination nearby. Ontario has just revealed its plans for a staycation tax credit, that will reimburse people for taking their vacation within the province.
The Ontario Staycation Tax Credit program was announced by the Ford government on Thursday, as a part of the Fall Economic Statement. Through the program, Ontarians who have a 2022 staycation in the province can get a 20% personal income tax credit on eligible stays (of up to $1,000 per individual & $2,000 per family) over the course of the year.
Some quick math means that individuals are eligible for a $200 credit and families are eligible for a $400 credit.
The staycation credit is 20% off stays at Ontario hotels, etc. up to $1,000 for individuals and $2,000 for families – to a maximum of $200 or $400
— Mark McAllister (@McAllister_Mark) November 4, 2021
According to the Ontario government, the requirements to be eligible for the Staycation Credit include taking a staycation between January 1 and December 31, 2022. Also, the person has to stay for less than a month, whether it be in a hotel, motel, cottage, etc. No long-term rentals disguised as staycations, guys!
Folks in Ontario who want to take advantage of the Staycation Tax Credit can do so when they file their 2022 taxes.
Read more in Lifestyle
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