Ontario's staycation tax credit just went into effect and here's what that means
Travel outside of Canada seems like a risky proposition these days and for those who want to visit places closer to home, the Ontario Staycation Tax Credit just started Jan. 1.
Ontario's staycation tax credit comes into effect on Jan. 1, 22 for the year. Ontarians will get a 20% personal income tax credit on eligible accommodation, between Jan 1-Dec 31, up to a max of $1,000 for an individual and $2,000 for a family, for a max credit of $200 or $400— Roohi CPA LLP (@RoohiCPA) December 30, 2021
Basically, it gives Ontario residents a 20 per cent personal income tax credit for 2022 accommodation expenses (up to $1,000 for an individual and $2,000 for a family).
So if you spend $1,000 for a stay of less than a month, you will get a $200 tax credit.
To claim the expense, an eligible accommodation must be:
There are some wonderful spots to visit around the province. Those who like wildlife could check out the Wye Marsh.
For skiers, Calabogie Peaks is a 364-acre resort near Ottawa.
If you just want to relax — and who doesn't after 2021? — there's a new spa opening near Toronto too.
Alex Indigo at McCrae Lake
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