Your Ontario staycation just got cheaper

After two very long several years expended typically at house, quite a few of us are itching for a exciting getaway. Moreover, with the epic delays and flight cancellations at Toronto Pearson right now, a highway vacation has never ever sounded greater.

What to know about the Ontario staycation tax credit

Here’s how the 2022 staycation tax credit score performs, including what forms of lodging you can declare.

How considerably is the staycation tax credit?

Ontario citizens can claim 20% of suitable lodging fees for holidays taken in Ontario between Jan. 1 and Dec. 31, 2022, up to a most expense of $1,000 per unique or $2,000 for every relatives. The financial savings would be up to $200 for an specific or $400 for a relatives.

Who qualifies for the staycation tax credit history?

To be suitable for the staycation tax credit history, you must be an Ontario resident on Dec. 31, 2022. Only 1 man or woman in a spouse and children can declare the credit score. The assert can involve the suitable fees of a lover/partner and suitable youngsters.

What vacation fees can you declare for the tax credit rating?

You can assert lodging charges for a leisure keep of fewer than a month at limited-term lodgings like accommodations, motels, cottages, campgrounds, bed-and-breakfasts, resorts, lodges and vacation rental attributes. (For package deal tours, you can claim the lodging part.) Anywhere you stay, get a in-depth receipt exhibiting that you, your husband or wife or prevalent-legislation lover, or your qualified little one paid for accommodations. The issuer of the receipt have to be a supplier registered for GST/HST in Ontario.

What’s not qualified for the staycation tax credit score?

You can not declare stays at time-shares or on autos that can be self-propelled (no boats or trains, for instance). Also not claimable: gas, rental automobiles, flights, parking, groceries or tickets to attractions. You just can’t claim lodging that you or somebody in your family has been reimbursed for, possibly. And, finally, the excursion should be purely for fun—no get the job done or school excursions, or journey that is qualified for a health care cost tax credit rating.

Can you declare expenses for a lot more than 1 vacation?

Certainly, you can declare 20% of accommodation costs for several visits, up to the annually most outlined over.

How do you assert the staycation tax credit history?

Claim the tax credit when you put together your 2022 personalized cash flow tax return in 2023. For additional particulars on the staycation tax credit score, go to the Ontario govt website.