ONTARIO STAYCATION TAX CREDIT

The Ontario Staycation Tax Credit is a way the government encourages Ontario families to invest back into the province while also allowing them to claim a refundable tax credit on their 2022 personal tax returns.

The tax credit is equal to 20% of eligible expenses up to $1,000 for an individual or $2,000 for families. This results in a refundable tax credit of $200 for individuals or $400 for families.

Eligible expenses include leisure stays for less than one month in Ontario, at a short-term accommodation such as:

• Hotel

• Motel

• Resort

• Lodge

• Bed-and-breakfast establishment

• Cottage

• Campground

• Vacation rental property

The accommodations must be used between January 1, 2022, and December 31, 2022, regardless of when the payment was made. The supplier is registered for GST/HST and must provide a detailed receipt for the accommodation, which shows how much GST/HST was charged.

*The contents of this article are intended to provide general, broad guidance only. This article should not be relied upon to cover specific situations, and you should not act upon the information contained herein without obtaining relevant professional advice. Please feel free to contact our office to discuss the information presented herein in the context of your specific circumstances. Lekadir LLP, its principals, employees, and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this article or for any decision based on it.