Taking Advantage of THIS Tax Credit to Improve Property Value While on Vacation in 2022!
Spring is quickly approaching, and with the warming of the weather comes the desire to spread our wings and fly somewhere even warmer. Though, put aside those feelings that you need to leave the Georgian Bay area, as there is so much beauty to experience if you know where to look. The best part? With Ontario’s new “staycation” tax credit, singles are able to recuperate up to $200 and couples are capable of receiving up to $400 when money is spent on lodging and accommodation within Ontario.
That money typically spent on travel lodging can be put into sprucing up your home and property before your typical vacation period. Now is the time to do those small renovations in your master bathroom to have a spa-like feeling of refreshment each morning with the addition of a waterfall showerhead, or new taps.
Doing mild changes to the layout of your primary living area to include a cozy little corner filled with books and pillows can make a huge difference in how you handle the end of a day on vacation – think about the calming effect it’ll have after a day of work when you, unfortunately, have to come out of “vacation mode”. These comfy corners, all tucked away can look beautiful and authentic to a prospective buyer.
With spring in the air, small upgrades to the garden are absolutely within reach, being able to buy new materials for a new garden bed or a few truly stunning decorative items you’ve had your eye on for a while. Just think, the dollar figure behind the beauty translates into even more when it comes to the eyes of prospective buyers.
Or, if you’d really just love to do something for yourselves like purchasing comfortable new bedding and pillows to just help provide that ultimate level of comfort, that’s okay, too! It’s your credit, after all, and if you want to capture the feeling of sleeping in your favourite bed and breakfast in your own home, we certainly can’t blame you!
While a future rebate of $400 may not seem like much, knowing that these types of refunds are coming at the end of the year is why having a bookkeeper is important. Tax credits and benefits often get lost within the news cycle (if covered at all), and part of the job of a bookkeeper is to ensure you receive each and every benefit you’re qualified for. After all, each and every credit adds up!
The “staycation” credit is just one of the credits Keenans is on top of for you. You are an expert in your field, we are an expert in ours. Let Keenans Accounting Service support your business with all of your bookkeeping and accounting needs, including your government remittances for HST. Give us a call at 705-526-7628 to arrange a consultation by phone or via Zoom meeting. Contactless, secure document dropoff and pickup are available at our offices in Downtown Midland.