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Tax Credit

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Staycation Tax Credit Available

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A new staycation tax credit is available for Ontarians starting for the 2022 tax year.

To help minimize the risk of spreading or contracting the covid 19 virus, the province has implemented a tax credit for individuals and families who choose to stay somewhat local when choosing a vacation destination.

Provincial residents will be able to claim up to 20 per cent of their eligible 2022 accommodation expenses; hotel stays, cottage or campground fees are main examples.

Eligible expenses can be claimed up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner or eligible children, to get back up to $200 as an individual or $400 as a family.

More details here on the provincial site.

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New Childcare Tax Credit Introduced

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If you’re a parent with children, some money could be coming your way.

Finance Minister Rod Phillips says a new tax credit called the Ontario Childcare Access and Relief from Expenses will be applied when you file your next tax return.

The credit can be applied to such things as day camps, summer camps and childcare.

Phillips says “It’s a benefit that is particularly focused on low and middle income families and for that average Ontario family, it’s going to mean about $1,250 back into the pockets of parents.”

He notes the credit could save parents up to 75% of eligible costs.

Education Minister Stephen Lecce says “Institutional childcare isn’t the only option for a lot of parents in the province of Ontario. So providing that flexibility and that recognition that you as a parent know best how to raise your child, I think first and foremost is the government listening to the people we serve.”