Ontario announces plan for staycation tax credit and here's how it works

Author: External Author | | Categories: Tax Accountant , Tax Planning , Tax Services

The Ontario government has announced its plan for a staycation tax credit.

Anyone planning a getaway within the province in the 2022 tax year could be eligible under the new "Ontario Staycation Tax Credit" program.

The program was announced as part of the Ford government's Fall Economic Statement, which was tabled on Thursday.

Ontarians would get a 20 per cent personal income tax credit on eligible accommodation between Jan. 1 and Dec. 31, up to a maximum of $1,000 for an individual and $2,000 for a family, for a maximum credit of $200 or $400 respectively. 

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Original Article Source Credits:   CTV News , https://toronto.ctvnews.ca/

Article Written By:  Sean Davidson

Original Article Posted on:  November 5, 2021 

Link to Original Article:  https://toronto.ctvnews.ca/ontario-announces-plan-for-staycation-tax-credit-and-here-s-how-it-works-1.5652434