Eligible Deductions for Airbnb Rental
In the eyes of the CRA, any income earned by renting out your home or other property is considered to be rental income – even if it’s just for a night or two, every once in a while. Like other types of income, the money you make from your rental must be reported to the […]
Negatives of Airbnb Rental Property
On top of the income tax implication, Airbnb (short-term rental) owners are also required to charge HST taxes on the gross rental revenue on behalf of CRA, as short-term rentals are considered a commercial activity, which is one of Negatives of Airbnb Rental Property. HST taxes on Airbnb Rental Income A short-term rental that is for […]
How Airbnb Rental Income is Taxed in Canada
Like other, more traditional, rentals, Canada Revenue Agency (CRA) has specific rules surrounding How Airbnb Rental Income is Taxed in Canada, which you should become familiar with as soon as possible. HST taxes on Airbnb Rental Income According to the CRA, Rental income is income you earn from renting a property that you own. You can own the property by yourself […]
Guide to Airbnb Tax Canada
In the eyes of the CRA, any income earned by renting out your home or other property is considered to be rental income – even if it’s just for a night or two, every once in a while. Like other types of income, the money you make from your rental must be reported to the […]
What Is the Tax-Free First Home Savings Account (FHSA)
The new account blends the best of the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA). It comes with some sweet tax breaks on contributions (just like an RRSP), and you don’t pay taxes on investment income and withdrawals (just like a TFSA). It also has some similarities to the Home Buyers’ Plan(HBP), but more on that […]
Personal Tax guide: Child Care Expenses In Canada
Child care expenses in Canada can be claimed for the purposes of earning a living or going to school, this will, in turn, reduce your income, therefore the amount of taxes you must pay will be lowered. Each child for whom you claim expenses on your tax forms must meet the Canada Revenue Agency’s eligibility requirements: […]