According to a report from the Ottawa Citizen, there is only less than a month left for Ontarians to take advantage of the province’s Staycation Tax Credit.
As per Anthony Annunziata, president of Tourism Niagara Canada, now is the best time for Ontario residents to take advantage of the Ontario Staycation Tax tax credit before it expires on December 31.
“Whether it’s relaxing in the comfort of a historic Inn or a room with a view of the iconic Falls, Niagara is a place where people come to explore, share unique experiences and create memorable moments with those we care about,” Annunziata added.
He said that there are endless possibilities to discover Niagara.
The temporary Ontario Staycation Tax Credit is an additional 20% individual income tax credit on qualified accommodation beginning January 1 until December 31. This is up to a maximum of CA$1,000 for an individual and CA$2,000 for families, with a maximum tax credit of CA$200 or CA$400, respectively.
Ontarians staying for less than a month in any short-term accommodation or camping accommodation, including a hotel, motel, resort, lodge, bed-and-breakfast establishment, vacation rental property, or campground, can apply for the credit when filing their 2022 income tax returns.
The government declared that the tax credit would aid in helping the hospitality and tourism sectors revive and encourage residents to travel to the province.
According to the government, the credit could bring in approximately CA$270 million, which would help support more than one and a half million families to explore Ontario.