Ontario's Staycation Tax Credit Will Give You Money For Spending Time Off In The Province
Here's everything you need to know. 👇
Well, it's official, Ontarians can get some money back if they choose to holiday in the province thanks to Ontario's staycation tax credit.
In an emailed statement to Narcity, Emily Hogeveen, the Director of Issues Management & Media Relations for the Minister of Finance, confirmed that this new temporary tax credit was passed as law, and it will be something Ontarians can apply for in 2022.
"This Personal Income Tax (PIT) credit would provide Ontario residents with support of 20 per cent of eligible 2022 accommodation expenses of up to $1,000 for an individual and $2,000 for a family, for a maximum credit of $200 or $400, respectively," Hogeveen said.
So, what will this brand new tax credit cover?
Ontarians can cash in if they vacation at a hotel, motel, bed-and-breakfast, cottage, campground, resort, or lodge in the province for less than a month sometime between January 1 and December 31, 2022. The trip must also be purely for leisurely reasons, too.
The staycation tax credit was announced in Ontario's economic statement for 2021, where the provincial government also proposed the extension of another credit that could continue to help with job training programs.
The Ontario Jobs Training Credit could refund eligible individuals half of the appropriate expenses for the year, up to $2,000 total. This can be used to cover costs like tuition, as well as costs for classes taken that year at eligible Canadian educational institutions or "fees paid to certain bodies regarding an occupational, trade or professional examination taken in the year."
This article's cover image was used for illustrative purposes only.
Before you get going, check out our Responsible Travel Guide so you can be informed, be safe, be smart, and most of all, be respectful on your adventure.
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