Surging gas prices to stall summer road trips for many Canadians, survey suggests
The surging price of gasoline shows no signs of stopping and that's starting to affect how people are planning their summer holidays.
A summer road trip survey by the Tire and Rubber Association of Canada (TRAC) found that 66 per cent of drivers plan to cancel or limit their road trips this summer. That number jumps to 75 per cent for younger drivers between 18 and 24 years old.
“Our survey found that 80 per cent think that high fuel prices are here to stay. So why not look for ways to save money if you can?” said TRAC President Carol Hochu.
First and foremost, anyone with winter tires still on their cars should be taking them off now that the warm weather has finally arrived.
“Once the temperatures are consistently above seven degrees Celsius and thank goodness that's where we are at now, it's really time to make that change over from winter tires to your summer or all season tires,” said Hochu.
TRAC is also reminding drivers to check their tire pressure monthly, when tires are cold as under inflated tires hurt your fuel economy and properly inflated tires can save you 0.6 per cent to three per cent in fuel costs.
TRAC says along with checking your tire pressure, check the tread wear and for bulges or cracks in your tires. To save money on fuel remove roof racks or roof top carriers if they are not being used, drive the speed limit and accelerate smoothly to avoid wasting fuel.
Another way for residents of Ontario to try and save money is to take advantage of Ontario’s 2022 Staycation Tax Credit.
“If you are planning a summer getaway it's important to keep the receipts because you are going to need them for anything that is related to accommodation expenses" said Adriana Molina, Education Manager with Credit Canada.
Molina said anyone who is planning to vacation within Ontario this year should take advantage of the Staycation Tax Credit which allows you to get a tax break on your 2022 taxes if you stay at a hotel, motel, resort, lodge, bed & breakfast, cottage or campground.
The tax credit is $1,000 for an individual or $2,000 for a family which can get you back $200 to $400 respectively on your taxes next year.
"Hopefully it will encourage Ontario families to stay in the province to stay in Ontario and also help the tourism and hospitality sector recover from the pandemic" said Molina.
The tax credit is only for leisure travel and not business related trips, but it may help take away some of the financial sting when you have to fill up your tank if you go on vacation in the province.
There are predictions gas prices could rise another 5 cents a litre this week and 5 cents more next week. Even though more drivers say they plan to stay home, prices are traditionally higher in the summer as drivers hit the road for their summer holidays.