Can you claim Staycation credits in 2023?
Staycations are a popular choice for Canadians who want to take a break from their daily routine and enjoy their vacation without travelling abroad.
What is Staycation Tax Credit?
The Ontario Staycation Tax Credit is a temporary personal income tax credit for Ontario residents.
The Canadian Government has implemented several measures to support tourism and travel within the country, which could indirectly benefit those planning a staycation. The government has provided funding to support local tourism initiatives and small businesses in the tourism industry. Here’s how residents of Ontario can claim their trip on their upcoming tax returns if they took a vacation there last year.
Who is Eligible to Claim Staycation Tax Credit?
- If you are an Ontario resident, you can claim the tax credit.
- Families and individuals who took a leisurely trip within the province are eligible for the staycation tax credit.
- The stay was less than a month at an eligible accommodation
- Each family is limited to one claim for the entire year.
- The eligible expenses of your spouse, common-law partner, and eligible children may be included in your claim.
- The bill must have been paid by you.
- This claim doesn’t apply to your business travel expenses.
What all Expenses are Eligible?
- Hotels, Resorts or Lodges
- Motels, Cottages
- Ontario Parks
- Camping resorts
- Airbnb, VRBO, HomeAway, etc