TOURISM RECOVERY PROGRAMS YOU NEED TO KNOW ABOUT
The Canadian and Ontario governments have each introduced critical programs in support of tourism recovery.
Tourism and Hospitality Recovery Program & the Hardest-Hit Business Recovery Program
Last week, the federal government tabled Bill C-2 which included targeted support to tourism and hospitality businesses facing significant pandemic-related challenges in their recovery. If passed, financial support would be made available through the Tourism and Hospitality Recovery Program and the Hardest-Hit Business Recovery Program.
It’s critical that Bill C-2 passes before the House rises for Christmas. The Coalition of Hardest Hit Businesses, TIAC and the Hotel Association of Canada issued letters to opposition leaders urging them to swiftly pass the bill. Join these industry leaders by contacting your MP to ensure Toronto’s voice is heard and Bill C-2 is passed immediately.
Ontario Staycation Tax Credit
Earlier in November, the Ontario government proposed a new Ontario Staycation Tax Credit for the 2022 tax year. Through the credit, Ontarians would get a 20 per cent personal income tax credit on eligible accommodation between Jan. 1 and Dec. 31, up to a maximum of $1,000 for an individual and $2,000 for a family, for a maximum credit of $200 or $400 respectively.
Want to know more about the newly-introduced programs? Read about both in an article on the Research & Insights Terminal.