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Planning A Holiday With Family, Get Up To $400 From Ontario Government

With the introduction of the temporary Ontario Staycation Tax Credit for 2022, Ontarians are encouraged to explore the province.

The outbreak of COVID-19 has impacted not one but all the sectors of the economy and tourism and hospitality are among the top hit ones.

In order to recover from the financial impacts incurred by the tourism sector, the Ontario government has come up with a plan.

With the introduction of the temporary Ontario Staycation Tax Credit for 2022, Ontarians are encouraged to explore the province.

Under this scheme, residents of Ontario can now claim 20% of their eligible 2022 accommodation expenses, when filling their personal Income Tax and Benefit Return for 2022.

An individual can claim up to $200, whereas a person with a spouse, common-law partner, or eligible children can claim up to $400.

Anyone who is a resident of Ontario on December 31, 2022, is eligible to claim the credit. However, it must be noted that only one individual per family can claim the credit for the year.

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Expenses of a leisure stay of less than a month in Ontario at a short-term accommodation can be claimed. The accommodation can be a hotel, motel, resort, lodge, bed-and-breakfast establishment, cottage, campground, or vacation rental property.

It is important that the accommodation expenses must be paid by you or your family member and a detailed receipt must be provided by the supplier registered for GST or HST. The receipt must include the location of the accommodation, the amount that can reasonably be considered to be for the accommodation portion of a stay, the amount of any GST/HST paid, the date of the stay, and the name of the payor.

The tax credit cannot be claimed for short-term accommodation like car rentals, fuel, flights, groceries, parking, or prices of admission to local attractions and places of interest.

The credit can be claimed when one applies for their personal income tax and benefit return for 2022.

For more information, one can visit the official website at https://www.ontario.ca/page/ontario-staycation-tax-credit

Prabhnoor Kaur

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