Ontarians can get money back with these personal income tax credits

While the deadline to file your taxes is months away, there are some personal tax credits Ontarians may qualify for that require some time pilfering through receipts to get them.

While the deadline to file your taxes is months away, there are some personal tax credits Ontarians may qualify for that require some time sifting through receipts to get them.

“Today is the best time to start putting all your papers together, and that way, you’ll be sure you don’t forget anything,” H&R Block tax specialist, Yannick Lemay, told CTV News Toronto Friday.

“Often what we see in practice is that the credits that get forgotten are those that people need to search for slips, they need to search for receipts.”

Lemay brought up Ontario’s Staycation Tax Credit as an example. Through this credit, Ontarians who have stayed in a hotel or rented a cottage in the province can claim 20 per cent of eligible accommodation expenses between Jan. 1 and Dec. 31, 2022.

“We are excluding costs for food, entertainment, gas, and all extra expenses, but anything that goes for accommodation for travel, you can claim,” he said, noting Ontarians who want to apply for this credit should have all of their receipts. “It’s up to $1,000 [for an individual], and it’s a 20 per cent rate credit, so that means Ontarians can get up to $200 back.”

Families and couples can claim up to $2,000 and get a maximum credit of $400.

“Now is the time to get those receipts,” Lemay said. “But there are other credits that have changed, improved, or are new credits, for which you don’t necessarily have to provide an additional receipt.”