FALL ECONOMIC STATEMENT – NOVEMBER 4, 2021
Today, the Government of Ontario affirmed the important role of the accommodation sector to Ontario’s economic recovery. Minister Peter Bethlenfalvy has announced the creation of a $270 Million tax credit program called the Ontario Staycation Tax Credit commencing in 2022.
With hotels as the centrepiece of the plan, tax credits will be available to individuals and families who stay at hotels during 2022. The Government believes this investment will yield tangible and significant benefit to restaurants, attractions and local businesses as a result of people visiting and staying at hotels.
The GTHA has been advocating for a recovery program that targets and builds upon the proven contribution of hotels to provincial economic prosperity. While the road ahead presents challenges, we believe this tax credit signals confidence in the hotel sector and that our partnership with government is strong.
The Board of Directors thanks its members for their support and guidance over the past year as we have lent our collective voice and expertise to government on recovery efforts.