6 Ontario Tax Credits You Need To Know About If You Want To Get Cash Back This Year
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Tax season has arrived in Ontario, and while shuffling through piles of crumpled receipts can suck, there are some personal tax credits you'll definitely want to know about — and they could actually get you some cash back this year.
Since the usual deadline to file your Ontario income tax falls on a Sunday, you'll have until May 1 to get yours in — but it's always better to avoid procrastinating if you can.
So take note of these credits and start planning — because with a recession looming and interest rates rising, we're all going to need a bit more cash on hand this year.
Ontario Staycation Tax Credit
\u201cAs we start the holiday season, there is still time to take advantage of Ontario\u2019s Staycation Tax Credit.\n\nOntario residents can claim 20% of eligible 2022 accommodation expenses while enjoying all that our beautiful province has to offer.\n\nLearn more: https://t.co/ZylmRwSsS8\u201d— Doug Ford (@Doug Ford) 1671220616
Ontarians can claim 20% of eligible accommodation expenses that occurred in Ontario during 2022, including hotel stays and cottage or campground visits. So if you booked a weekend camping trip, rented a cottage, or stayed at a nice hotel in Ontario at some point last year, you can claim a pretty good chunk of the money you spent.
Individuals can write off up to $1,000 in expenses, while families and couples can claim up to $2,000.
How to qualify: The tax credit applies to leisure stays between January 1, 2022, and December 31, 2022, regardless of the timing of payment.
2022 is the last year Ontario residents will be able to claim this credit, so make sure you take advantage of it!
Ontario Energy and Property Tax Credit
\u201cThere\u2019s still time to claim tax credits before #taxseason comes to an end!\n\nYou may be eligible for:\n\ud83d\udcb2 Seniors\u2019 Home Safety Tax Credit\n\ud83d\udcb2 Ontario Energy and Property Tax Credit\n\ud83d\udcb2 Ontario Senior Homeowners\u2019 Property Tax Grant\n\nhttps://t.co/lwiNMhHzgM \n\n@SeniorsON @ONenergy\u201d— Ontario Housing (@Ontario Housing) 1650553422
Are you between the ages of 18 and 64 years old? Congrats! You just qualified to get as much as $1,194 back.
Individuals older than 65 can get $1,360, and those living on a reserve or in a public long-term care home can earn $265. Even students who lived in a "designated college or university residence" in 2022 can get $25.
How to qualify: Applicants must be 18 years or older and be able to prove they rented or paid property tax for their primary residence.
Low-Income Workers Tax Credit
\u201cAre you a low-income worker? You could get up to $850 in tax relief through the Low-Income Workers Tax Credit when you file your tax return this year.\n\nhttps://t.co/XzStYualn6\u201d— Ministry of Finance (@Ministry of Finance) 1646924525
Ontario residents who make less than $50,000 a year after taxes can receive a maximum credit of $875 or 5.05% of their employment income, depending on which is lower.
How to qualify: Individuals' net income in 2022 must've been below $50,000, while families applying must've brought in less than $82,500 annually.
Ontario Jobs Training Tax Credit
\u201cLearn more about the Ontario Jobs Training Tax Credit! \ud83d\ude0a\n\nIt will provide up to $2,000 to individuals with eligible training expenses in 2021. This measure would provide about $260 million in support to 230,000 Ontario individuals.\n\nLearn more at https://t.co/izDIElPdwp\u201d— Small Business Centres Ontario (@Small Business Centres Ontario) 1650381041
This temporary, refundable personal income tax credit aims to help workers get the training they need by providing up to $2,000 annually in relief.
The credit covers 50% of a person’s 2022 eligible expenses, including tuition and other fees paid to an eligible educational institution in Canada in 2023.
Expenses related to a trade or professional examination this year can also be submitted.
How to qualify: Applicants must be Ontario residents between 26 and 65 years old with a positive Canada Training Credit limit in 2022.
Ontario Seniors' Public Transit Tax Credit
\u201cIf you\u2019re 65+, you could be eligible for a refundable tax credit to help with the costs public transit. \n\nLearn more about the Ontario Seniors\u2019 Public Transit Tax Credit:\nhttps://t.co/jmKW9g0uv6 \n\n@SeniorsON\u201d— Ministry of Finance (@Ministry of Finance) 1666188011
Seniors can claim up to $3,000 in eligible public transit expenses annually and receive up to $450 back.
How to qualify: Applicants must've been 65 or older on the last day of the previous tax year and have been living in Ontario by the end of 2022.
Ontario Seniors Care at Home Tax Credit
\u201cOntario is helping low- to moderate-income seniors aged 70+ with eligible medical expenses to support them living at home. \n\nLearn more about the new, refundable Ontario Seniors Care at Home Tax Credit: https://t.co/xrFwV3whJ1 \n\n@SeniorsON\u201d— Ministry of Finance (@Ministry of Finance) 1665669615
This tax credit allows residents to write off up to 25% of their 2022 medical expenses. Those who qualify can claim up to $6,000, for a maximum of $1,500 back
This amount is reduced by 5% of a family's net income over $35,000 — so for instance, 5% of $5,000 for a family with a net income of $40,000 — and fully phased out for those who make $65,000 or more.
How to qualify: Ontarians who turned 70 or older in 2022 or have a spouse or common‐law partner who turned 70 or older during the year.
This article's cover image was used for illustrative purposes only.
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