It’s official! Starting from January 1st to December 31st of 2022 the province of Ontario will award individuals and families a tax return for ‘staycationing’ at one of Ontario’s many hotels, motels, lodges, bed-and-breakfasts, resorts, campgrounds and cottages.
Who Is Eligible & How Much?
Ontario residents can claim 20% of their eligible 2022 accommodation expenses. For individuals, they can claim up to $1,000 and receive up to $200 return. Those with spouses, common-law partner or eligible children can claim up to $2,000. Families can receive up to $400 back when filing their personal Income Tax and Benefit Return for 2022.
According to the Ontario Government, “the credit would provide an estimated $270 million in support to about 1.85 million Ontario families.“
How to Claim the Credit?
Ontario Residents can claim their Ontario Staycation Tax Credit from one or more multiple trips up to the earlier mentioned $1,000 expense for individuals and $2,000 for a family. You have to keep detailed receipts for any eligible expenses incurred to report on your personal Income Tax and Benefit Return for 2022.
For more information including eligibly for tax refund visit the Ontario.ca website for you Ontario Staycation Tax Credit.
Contact us if you would like to Staycation on the French River!