Come to DAC, Get the Ontario Staycation Credit

Many Ontarians may already be enjoying their summer vacations in their home province, fully mindful of the fact that doing so, they are earning a refundable tax credit.  But, did you know that if you make the great decision to come to the DAC Acuity Conference, being held October 16 to 18 in beautiful Niagara Falls, you could also qualify for the Ontario Staycation Tax Credit if you linger before or after for some personal R & R?  Details follow:

About the DAC:  Join us for a most incredible educational and networking opportunity.  This year’s theme, Velocity, is  being discussed by outstanding thought leaders who will opine on the best ways to gain momentum in these volatile times to nail down goal setting and results in your business, your industry and your personal aspirations.

Check out the Agenda and Speakers, the Networking Events and how to enrol here: https://www.knowledgebureau.com/site/conference/dac

About the Staycation Tax Credit:  Ontario residents reconsidering international travel plans this year due to the ongoing pandemic variants and they now have even more incentive to explore destinations closer to home – specifically within the province – thanks to the refundable Staycation Tax Credit. The tax credit reimburses 20% of eligible accommodation costs, up to a maximum dollar amount. 

Specifically, the Ontario Staycation Tax Credit reimburses a portion of the cost of eligible accommodation expenses related to personal travel within Ontario between January 1 and December 31, 2022. Individuals can claim up to $1,000 in eligible expenses, which leads to a reimbursement of $200, while families can claim $2,000 and receive a $400 return. These claims can be made on the 2022 tax return.

Eligible accommodation includes

• Hotels
• motels
• resorts
• lodges
• bed-and-breakfasts
• cottage
• and campgrounds.

Not eligible are time shares, boats and trains.  All eligible businesses to which accommodation costs are paid must be registered for and charge HST, and issue detailed receipts. That means that AirBNB claims won’t qualify unless proper receipting is available.

It goes without saying that Ontarians claiming these tax credits will need to hang onto these receipts in case of a CRA audit.  In addition, residents claiming this tax credit must be able to demonstrate that they personally paid for and received no reimbursement for the costs; including from family members and employers.

But here’s a tax trap:  this tax credit will not apply to business travel.  Further, you must be able to show proof that the trip has not been reimbursed by anyone.

Bottom Line: Plan your Ontario staycation in an audit-proof way to be sure there are no unpleasant surprises down the line.