Ontario unveils income tax credit for stays
As reported by CTV News, the credit will apply to stays of less than one month in qualifying accommodation, which must be paid for by the Ontario filer, their spouse or common-law partner, or their qualifying child, as documented on a detailed receipt. Eligible accommodations include hotels, motels, resorts, lodges, bed and breakfasts, cabins or campgrounds.
The tax credit will also be subject to GST or HST, as shown on an itemized receipt.
By offering this credit, the Ontario government hopes to support tourism and hotel businesses on their long journey to post-pandemic recovery. It is also estimated that the credit would generate $ 270 million that would support more than 1.5 million families and inspire Ontarians to explore the province.
But not everyone is thrilled with the idea. Commenting on the program last week, Ontario NDP Leader Andrea Horwath said she believed a full reimbursement of $ 1,000 on vacation expenses in the province would have been more helpful.
“[T]It’s really not going to help families much, âHorwath told CTV News. âThat’s why our idea of ââa $ 1,000 tax credit could be of use to some families who would normally have taken the vacation right now. “