Don't be too afraid of new Airbnb tax laws
More than 1,000 Kingston homes are up for rent on Airbnb. Search "Kingston" on the website and you get 15 pages to peruse.
For those renting them out on a regular basis, making sure you're claiming everything you should with the government could get a little more complicated.
That was Former President of the Ontario Real Estate Association Ray Ferris who guides us through this and says the change comes after a recent ruling.
So how does it add up? Ferris broke it down for us.
That good news is, it doesn't apply to everyone. Many won't have to worry about it at all, unless they step up their Airbnb presence.
While the sale of a previously occupied residential property is generally exempt from HST, the Tax Court of Canada ruled in March that the sale of a condo unit rented out on Airbnb for a number of short-term leases was subject to the tax.
It's certainly something to keep close tabs on if you're one of thousands of Airbnb owners.
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