After two lengthy years spent largely at dwelling, many people are itching for a enjoyable getaway. Plus, with the epic delays and flight cancellations at Toronto Pearson proper now, a street journey has by no means sounded higher.
What to know in regards to the Ontario staycation tax credit score
Right here’s how the 2022 staycation tax credit score works, together with what kinds of lodging you may declare.
How a lot is the staycation tax credit score?
Ontario residents can declare 20% of eligible lodging bills for holidays taken in Ontario between Jan. 1 and Dec. 31, 2022, as much as a most expense of $1,000 per particular person or $2,000 per household. The financial savings can be as much as $200 for a person or $400 for a household.
Who qualifies for the staycation tax credit score?
To be eligible for the staycation tax credit score, you should be an Ontario resident on Dec. 31, 2022. Just one individual in a household can declare the credit score. The declare can embrace the eligible bills of a associate/partner and eligible kids.
What journey bills are you able to declare for the tax credit score?
You’ll be able to declare lodging bills for a leisure keep of lower than a month at short-term lodgings like lodges, motels, cottages, campgrounds, bed-and-breakfasts, resorts, lodges and trip rental properties. (For bundle excursions, you may declare the lodging portion.) Wherever you keep, get an in depth receipt displaying that you simply, your partner or common-law associate, or your eligible youngster paid for lodging. The issuer of the receipt should be a provider registered for GST/HST in Ontario.
What’s not eligible for the staycation tax credit score?
You’ll be able to’t declare stays at time-shares or on autos that may be self-propelled (no boats or trains, for instance). Additionally not claimable: fuel, rental vehicles, flights, parking, groceries or tickets to points of interest. You’ll be able to’t declare lodging that you simply or somebody in your loved ones has been reimbursed for, both. And, lastly, the journey should be purely for enjoyable—no work or faculty journeys, or journey that’s eligible for a medical expense tax credit score.
Are you able to declare bills for multiple journey?
Sure, you may declare 20% of lodging bills for a number of journeys, as much as the yearly most talked about above.
How do you declare the staycation tax credit score?
Declare the tax credit score while you put together your 2022 private revenue tax return in 2023. For extra particulars on the staycation tax credit score, go to the Ontario authorities web site.