I bought a new pre-construction house from a builder, after I took posession I started to use it for airbnb.
The property is my primary property and the only property under my name. When I close the property, I claimed that I am using it as my primary residence.
So does that mean I cannot rent the entire house and live in the basement (legal basement with separate entrance)? I am in Great Toronto area.
If I rent out the entire house (without basement) for Airbnb, can I rent out for more than 180 days a year?
From what I learn about primary residence, is that I cannot rent out more than 50%.
Thanks for your clarification.
Capital gain on personal property is completely tax free. However, if you rent, that capital gain will be proportionate. You will end up losing, especially if you live in a prime location with lots of future gains.