2022 taxes in Canada - do's and don'ts?

[Andria164]

Hey there! This is our first AirBnb and we are so fortunate to have been able to rent it out this summer and winter. We purchased the cottage in June of 2022 and have been saving EVERY receipt...every single on! That being said, we are wondering what folks have done their first year? We have been scouring the Canada Revenue Agency for tips and tricks but were wondering if any seasoned hosts would like to share their experiences in filing their first year taxes? I'd love to connect with folks with our questions! thanks so much!

[Mike-And-Jane0]

@Andria164 I know nothing about Canadian tax but would suggest you also look to the future. When you sell, Capital Gains Tax is likely to be payable so get ahead of this and make sure you are prepared with every possible expense that can be set against it.