3 Credits Every Ontarian Needs to Know About

December 10, 2021

In November 2021, the Ontario provincial government released their Fall Economic Statement, which included some extensions for tax credits you can claim.

The three credits you can keep your eye out for are:

  1. The Staycation Tax Credit
  2. The Ontario Job Training Credit
  3. The Ontario Seniors’ Home Safety Credit

Staycation Tax Credit

The new staycation tax credit makes getaways a little closer to home. This credit allows you to claim up to 20% of what you paid for an eligible accommodation on your 2022 return.

Even if you don’t owe any taxes this year, you can still apply for this credit! From January 1 until December 31, 2022, if you stay in an eligible accommodation, you can claim this credit.

How much can you claim?

Families can claim up to $2,000 of their accommodation expenses for a refund of up to $400. Individuals can claim up to $1,000 of their expenses to receive up to $200 as a refund.

What’s an eligible accommodation?

Eligible accommodations include:

  • Hotels
  • Resorts
  • Airbnbs
  • Bed and Breakfasts
  • Motels
  • Campgrounds
  • Etc.

It is also worth noting that other costs, such as food or entertainment, can’t be claimed with this credit.

What are the trip requirements?

There are a couple other requirements such as the trip must be:

  • For leisure
  • Not reimbursed by an employer, friend, etc.
  • Paid for by the person filing the tax (Spouses, common-law partners or eligible children can also help pay!)
  • Shorter than one month
  • Subject to HST

How do you apply for this credit?

More information about how to apply for this new credit is coming soon, if you don’t want to miss out on important information like this make sure to subscribe to our newsletter to keep up to date! In the meantime, remember to hold onto your receipts if you go exploring around Ontario.

Ontario Job Training Credit

The Ontario Job Training Credit is being extended for the 2022 tax season. The requirements for the Ontario Job Training Credit are pretty much the same as the Canada Training Credit. The only difference is that you have to be an Ontario resident.

To learn more about the CTC, check out this DIY Help Article.

To be eligible for this credit, you must meet the following requirements:

  • You were a resident of Ontario on December 31, 2022
  • You’re between the ages of 26 to 65
  • You have a Canada training limit above zero
  • Tuition fees are paid to an eligible Canadian education institution

How much can you claim?

This temporary credit offers individuals 50% of their eligible expenses, for a refund of up to $2,000.

What’s an eligible education institution?

Eligible institutions include:

  • A college, university, or other institutions that provide courses at a post-secondary level
  • An institution that provides occupational skill courses

To find out if your school is an eligible education institution, visit the federal government website.

How do you find out if you have a Canada training limit?

To find out if you have a Canada training limit, you’ll need your previous Notice of Assessment (NOA).

You can find your notice online in your CRA My Account.

Ontario Seniors’ Home Safety Credit

If you’re over the age of 65 (a senior) or live with someone over 65, good news! The Ontario Seniors’ Home Safety Credit is also being extended into 2022.

All the same eligibility criteria will remain the same going forward. This means it will remain open to senior homeowners, renters, or individuals whose senior relatives live with them. To learn more about the eligibility requirements for this credit, visit our DIY Help Article.

How much can you claim?

This refundable tax credit is worth 25% of the cost of your renovations. You can claim up to $10,000 for your expenses, meaning the highest refund you can get is $2,500.

What are eligible expenses you can claim?

Some of the eligible expenses you can claim include:

  • Grab bars and other related reinforcements for the bath, toilet, and shower
  • Wheelchair ramps, stair lifts, and elevators
  • Walk-in bathtubs
  • Wheel in showers
  • Additional light fixtures
  • Non-slip flooring
  • Automatic garage door openers

For a full list of eligible expenses, visit the Ontario provincial government website.

It’s also important to make sure that if the payment was done in multiple payments or installments that the final payment should be paid off in 2022.

Keep in mind that all renovations should be done to your main residence, the home where you usually live. If you’re renovating a secondary residence, you must intend to move into that home with in 24 months.

How do you apply for this credit?

You can claim the Ontario Seniors’ Home Safety Credit even if you don’t owe any taxes when you file your return.

If you’re filing a paper return, you’ll need to submit your receipts. But if you’re filing online, it’s recommended to hold on to your receipts from vendors, suppliers, and contractors in case the CRA wants to see them later.

Don’t want to miss a single credit? H&R Block is here to help you get the most out of your return. Choose from one of four convenient ways to file: File in an Office , Drop-off at an Office, Remote Tax Expert, or Do It Yourself Tax Software.

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