Make use of the 2022 Ontario Staycation Tax Credit!
Have you made travel plans within the province this year? If so, be sure to keep your receipts! Ontario residents could get up to 20% back from eligible 2022 expenses on travel within the province.
In an effort to help the local travel and hospitality industry recover from the COVID-19 pandemic, the Ontario government has introduced a temporary tax credit for travel within the province. The Ontario Staycation Tax Credit for 2022 allows Ontario residents to claim 20% of eligible 2022 accommodation expenses on their personal taxes. Eligible expenses could include accommodations at a hotel, cottage, or campground.
As an individual, you can claim up to $1,000 in eligible expenses or up to $2,000 in eligible expenses if you have a spouse, common-law partner, or eligible children. As a result, you could get back up to $200 as an individual or $400 as a family. So be sure to take advantage of this incentive to start traveling locally again.
Plan ahead for tax season and make sure you keep your receipts! Whether it be a summer cottage week or a fall weekend getaway – you could see a kickback come tax time. Be sure to support local businesses and take your time off to have some much-needed rest. Happy traveling!
You can find more information about the Ontario Staycation Tax Credit here.
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