Take Advantage Of The New Ontario Staycation Tax Credit

When submitting your personal Income Tax and Benefit Return for 2022, residents of Ontario may deduct 20% of their allowable 2022 accommodation costs, such as those associated with a stay at a hotel, cottage, or campground. You can obtain up to $200 back on an individual or $400 back on a family by claiming up to $1,000 in eligible costs or $2,000 if you have a spouse, common-law partner, or eligible children.

Are You Eligible?

If you are a resident of Ontario as of December 31, 2022, you are qualified to apply for the credit.

You can only claim it once on a tax return per family. The qualifying family consists of your spouse, common-law partner, and eligible children who may be included in your claim. A child who is qualified cannot claim the credit. For instance, only you will apply your taxes, this is a good tax credit if you don’t have a spouse, common-law partner, or eligible children.

What Are The Eligible Expenses:

The Ontario Staycation Tax Credit is available for accommodation costs incurred during a short-term stay or camping trip in Ontario for leisure purposes, including:

● hotel

● motel

● resort

● lodge

● bed-and-breakfast establishment

● cottage

● campground

● vacation rental property

No matter when the stay was paid for, the tax credit is only applicable to leisure stays between January 1 and December 31, 2022.

How To Claim The Credit?

You can claim the credit on your personal Income Tax and Benefit Return for 2022.

The Ontario Staycation Tax Credit is a refundable personal income tax credit. This means that if you are eligible, you can get this refund regardless of whether you owe income tax for 2022.