What you need to know with Ontario's staycation tax credit about to expire

Ontarians to get 'stay-cation' tax credit Fall Economic Statement gives Ontarians incentive to stay close to home this year. CTV's Jackie Perez reports.

Ontario's staycation tax credit is set to expire at the end of the month.

The temporary government program was introduced on Jan. 1 and will expire on Dec. 31.

It offers a 20 per cent personal income tax credit on eligible accommodation expenses of up to $1,000 for an individual and $2,000 for a family, for a maximum credit of $200 or $400, respectively.

The program originally came to fruition in an effort to help local tourism and hospitality sectors hit hard by the pandemic.

How to apply

To take advantage of the refundable credit, Ontario residents can apply for it while submitting their 2022 personal tax returns and benefit.

Even if the resident does not owe taxes, they can still apply.

What is the eligibility criteria?