Staycation Tax Credit
Don't you love when the government surprises us with some new, fun tax credit?
Well this year (2022) Ontarians can claim what's called the "Staycation Tax Credit".
Here's the lowdown...
You can claim this credit on your 2022 tax return.
It is for accommodation costs only.
It is for leisure stays only (not business-related).
The stay must be for less than one month.
The stay must be in Ontario.
The following facilities qualify: hotel, motel, resort, lodge, bed-and-breakfast, cottage, campground.
Excluded are timeshare agreements, or a stay on a boat, train, or other self-propelled vehicle.
The stay must have occurred between January 1, 2022 and December 31, 2022, regardless of the timing of the payment.
Each individual can claim up to $1,000 and get back 20% of their expenses.
That means a family with 2 spouses can claim $2,000 and save $400 as a family using this credit to its maximum potential.
Not too shabby! So get out there Ontario and enjoy our beautiful province while saving money!