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News for January 20, 2022

Ontarians Can Now Enjoy Staycation Tax Credit

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Anyone planning to visit Ontario (Canada) by 2022 could be qualified for tax credits under the new Ontario Staycation Tax Credit program.

According to a report, Ontarians are entitled to a 20 percent personal income tax credit on eligible accommodation between January 1 through December 31.

This is up to a maximum of CA$1,000 for an individual or CA$2,000 for families, with a maximum tax credit of CA$200 or CA$400.

Ontario residents can claim the credit while filing 2022 personal tax returns and benefit even if they do not owe any tax.

As per the government regulations, a qualified accommodation cost must be a stay of less than a month at an eligible accommodation such as a hotel, motel, resort, lodge, bed-and-breakfast establishment, cottage, or campground in Ontario.

It must also be a stay between January 1 and December 31 of 2022, only incurred for leisure, and must be paid by the Ontario taxpayer, their spouse or common-law partner, or their eligible child, as set out on a detailed receipt.

It is also added that it should not be reimbursed to the taxpayer, their spouse or common-law partner, or their eligible child, by any person, including by a friend or an employer, and must be subject to Goods and Services Tax (GST)/Harmonized Sales Tax (HST), as set out on a detailed receipt.

The government said this tax credit would help the tourism and hospitality sectors recover and encourage Ontarians to discover the province.

As per the Ontario government, the credit will provide an estimated CA$270 million to help more than one-and-a-half million families in their efforts to explore Ontario.

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