As part of the Fall Economic Statement which was tabled on Thursday, the government has plans to introduce a stay-cation tax credit.
Anyone who is planning a vacation within the province for the 2022 tax year could be eligible under the new tax credit program.
Ontarians would get a 20 per cent personal income tax credit on vacations up to $1000 for an individual or $2000 for a family for a maximum credit of $200-400.
The government says the credit would provide around $270 million to support over one and half million families to discover Ontario.
Certain criteria includes the following:
- Less than a month at an eligible accommodation such as a hotel, motel, resort, lodge, bed-and-breakfast establishment, cottage or campground in Ontario
- Stays between Jan. 1 and Dec. 31 of 2022
- Incurred for leisure
- Paid by the Ontario tax filer, their spouse or common-law partner, or their eligible child, as set out on a detailed receipt
- Not reimbursed to the tax filer, their spouse or common-law partner, or their eligible child, by any person, including by a friend or an employer
- Subject to Goods and Services Tax (GST)/Harmonized Sales Tax (HST), as set out on a detailed receipt.