Staycation Tax Credit Expiring This Month
- Posted:
The following is a reminder that the Staycation Tax Credit introduced by the provincial government is expiring this month.
Staycation Tax Credit
The Staycation Tax Credit provides Ontario residents with a 20 per cent refundable tax credit on eligible accommodation expenses incurred from January 1, 2022 to December 31, 2022. This temporary tax credit is designed to encourage Ontarians to take short-term travels within the province is expiring December 31, 2022.
There is a month remaining to take leisure stays in Ontario that may be eligible for the Staycation Tax Credit.
Ontarians can claim eligible accommodation expenses of up to $1,000 as an individual or $2,000 as a family, providing a maximum credit of $200 or $400, respectively.
Eligibility
Eligible individuals include those who are Ontario residents on December 31, 2022.
The Staycation Tax Credit can only be claimed by one individual per family on their 2022 Personal Income Tax and Benefit Return.
Eligible expenses include vacation accommodations for a stay of less than a month in Ontario that were fully paid, subject to applicable federal and provincial sales taxes, and were not reimbursed.
Eligible short-term accommodations in Ontario include:
- Hotels;
- Motels;
- Resorts/lodges;
- Bed-and-breakfast lodging establishment; and
- Cottage rentals.
Ontario residents who plan to claim the Staycation Tax Credit must keep their receipts for eligible expenses. A detailed receipt should include all of the following:
- Location of accommodation;
- Amount paid for the accommodation portion of the stay;
- Applicable federal and provincial sales taxes paid;
- Date of stay; and
- Name of the individual who paid for the stay.
W&P is Here to Help
Our team at Williams & Partners is available to provide further information and assistance to individuals with concerns regarding this tax credit. If you have any questions or concerns, please do not hesitate to contact our office.
Yours very truly,
Williams & Partners