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.