Chris’ Corner #6 - Summer Staycation!
Dorion, Ontario
Summer is almost upon us! I wanted to share with all of the readers from Ontario a little tax rebate that may help you decide how to travel this summer. The Ontario Staycation Tax Credit! This is a pretty exciting tax credit for everyone who likes to travel. Ontario residents can claim 20% off their accommodation expenses with this tax credit. For individuals, you can claim up to $1,000, which translates to a $200 rebate. For households, that limit is $2,000, meaning you could receive up to $400 next tax season!
Don’t forget to keep your receipts! In order to get the rebate your receipt must include this information:
the location of the accommodation
the amount that can reasonably be considered to be for the accommodation portion of a stay
the amount of any GST/HST paid
the date of the stay
the name of the payor
Vineland, Ontario
If you are looking for a reason to go on a trip this summer, let this blog post be the sign to see the province you live in, or if you are looking to purchase some vacation property, this could be an excellent opportunity to go out and see some potential properties! I just got back from a vacation to a little beach resort town called Sauble Beach. I may not be in the position currently to purchase any properties, but that did not stop me from looking at a couple of listings and daydreaming a little bit.
Kenora, Ontario
Throughout this blog post, you will see images of different AirBnBs and areas to visit all around Ontario. These images link to the lodgings and the areas on Tripadvisor. You can use these links to plan your own trip around Ontario or maybe learn about a new area of Ontario to visit! We are not being paid anything for these links; I am just using them to show you areas of Ontario I think are incredible, and maybe you do too!
Thunder Bay, Ontario
Thunder Bay really has to be at the top of my list of fun places you could go this summer in Ontario. I may be biased towards it as I live in the city. While Thunder Bay may be a far distance to travel for some, with the Staycation Tax Credit, it may be more feasible for you and your family to do!
Thunder Bay is also one of Ontario's cheapest places to buy real estate. According to this CTV News article, Thunder Bay is Ontario's second most affordable medium-sized city. For the readers in Southern Ontario, the drive up to Thunder Bay could pass through a number of the most affordable places in Ontario. There are several hidden gems all across Ontario. Travelling through the province could lead you to find that perfect diamond in the rough property you have been dreaming of!
Sault Ste Marie, Ontario - Agawa Canyon Tour Train
A number of the images on this post come from Destination Ontario. This is a government organization with the mission to get people out in Ontario. They are a great resource if you are looking for some events or destinations for a certain kind of trip. Want to go glamping, a summer food festival, or go to an indoor water park? Destination Ontario might help with that. Life isn’t all business; there is a balance between saving money and enjoying it. If you work with us at Porte Rouge, that balance is something that we can help you achieve!
The perfect real estate opportunity may be right around the corner. The Staycation Tax Credit may be the exact thing you need to begin your ultimate search! It is one thing to look at listings online; it is a much different thing to see the properties.
The Staycation Tax Credit does not have to be your only way of saving money. Having just returned from a trip, I used the GasBuddy app. This isn’t a paid advertisement, I personally used the app for the first time on a recent trip, and it saved me a large amount on fuel costs. A surprising number of gas stations offered cheaper gas just slightly off the beaten path.
Building your real estate portfolio should be a fun process. Bring your entire family, make a trip out of it, see your own backyard, and make tax season a little bit better! This is a finance blog, so I try and bring it back to that, but in all honesty, if you just need a vacation away from your everyday grind, hopefully, these tips can help you finance your vacation - don’t forget to keep your receipts!
Toronto, Ontario
The Staycation Tax Credit is yours to use; get out there and see it all! If you are looking for some handy resources to help find profitable properties, feel free to join the Porte Rouge Société! Joining the Porte Rouge Société will give you instant access to Your 1-Page Roadmap, The O.N.E. System, and The R.E.N.T. Method. You can use these resources to help you build your real estate portfolio. If you need a little extra help, Porte Rouge is here for you!
