With November drawing to a close and December right around the corner, it’s just about time to start preparing for everyone’s favourite season. That’s right – Tax Season 2023 is at our doorstep and over the next few months we at Choice Wealth Management will shed some light on how to make the most of your returns this upcoming year.
For all the last-minute gift planners out there, perhaps you’ll consider squeezing in a weekend ski and spa trip to Blue Mountain before the new year? If so, save any accommodation receipts and claim the new ‘Ontario Staycation Credit’. Introduced this year, the Staycation credit offers a 20% rebate on all eligible accommodations within Ontario between January 1st and December 31st , 2022. With a maximum claim of $2,000
for families and $1,000 for individuals, you could potentially be saving $400 on your next
return.
With this in mind, it may be time to start sifting through that shoe box of receipts looking for
anything with the words ‘Hotel’, ‘Ontario’, ‘Wow I spent way too much on that weekend in
Niagara’, or any other accommodation costs in 2022. In our office we live by a simple rule: If the government is offering you free money, take it. Not sure if this credit could benefit you? Reach out to us with any questions regarding the Ontario Staycation Credit!