CRA and Airbnb hosts - All the news.
Posted by Steve Harmer on
Canadian Airbnb hosts and the Canada Revenue Agency
Contrary to popular belief, Airbnb hosting is not “free money”. In the eyes of the taxman, it’s rental income. That status, however, depends on a number of factors I’ll describe in this section.
Of primary importance is that hosts are documenting expenses and retaining receipts to reduce the impact of tax assessments, come CRA filing time. Credit card receipts don’t cut it with the Agency, as these don’t identify specific items purchased. You need to present the CRA with an actual receipt. This includes receipts for all the little things that make your property special – bathing products, toothbrushes, a selection of special teas, or coffee. That means that hosts are on the hook for every single…
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