Ontario's staycation tax credit is set to expire this month
The Ontario Staycation Tax Credit, which lets Ontario residents get back up to 20% of eligible Ontario accommodation expenses, is set to expire at the end of December.
This temporary incentive program was introduced for 2022 and began January 1, aiming to encourage local travel within the province while helping the tourism and hospitality sectors recover from the devastating financial impacts of lockdowns.
With airports as busy as ever, provincial lockdowns seem like a distant memory of the past; however, the removal of all remaining travel restrictions only ended October 1.
For anyone who chose to avoid the headaches at Pearson Airport and opted to travel within Ontario, you could recover a portion of your expenses with this program.
Individuals can claim up to $1000 if they stay at eligible lodging, including hotels, resorts, or campgrounds when filing their personal income tax next tax season.
Those with a spouse, common-law partner, or children can get back up to $2000 as a family.
To be eligible, you must be an Ontario resident on December 31, 2022 and the expenses must meet the following requirements:
With a month remaining to take advantage, now is the perfect time to plan a local getaway before the holiday season madness kicks into full gear.
Ontario has some incredible resorts perfect for a winter escape, offering activities for everyone from snowmobiling to relaxing at a luxurious spa.
Prefer to staycation in the city? There are countless hotels downtown Toronto with fabulous designs and amenities with delicious dining options to choose from.
Just be sure to hold onto your receipts and remember to apply for the refundable credit when it comes time to file your 2022 personal income tax return.
While there have been calls to extend the staycation tax credit past 2022, Ontario government officials told blogTO "there's no information at present time regarding an extension".
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