Airbnb Canada Income Tax Questions

[Mike-And-Lorna0]

I own a ski resort condo. I have decided to rent it using airbnb. I am making it so it 100% avail 365 days a year. Its a 4 season resort. I am going to go see an accountant but was wondering if anyone here may have some insight.

Question 1 - Say it only gets rented 1 or 2 weeks a month, since it is avail to rent every day of the year can I still claim 100% of my expenses? I have read conflicting things on this.

Question 2 - My wife is self employed and is 50% owner. Can I claim the all the earnings and expense on my Tax return, or does she have to claim 1/2. Hoping its me as I am retired and in a lower tax bracket.

Question 3 - I dont expect I will have to pay GST as I wont make that threshold, but if my wife has to claim 1/2 will she have to pay gst since she is already a GST registrant for who own business.

[Eric-Langshaw0]

Hi, I m looking at an Airbnb forum from several years ago and see your comment about splitting your Airbnb income from your home 50/50 with your spouse who owns 50% of the house.  What I don't understand us where to report this split.

Ie:  Airbnb is asking me to provide my tax information/social insurance number.  In turn they will report this income to Revenue Canada.  However, Airbnb doesn't give me the option to also add my spouse as receiving 50% of the income.  If I wait until income tax time and report that I earned only 50% of what Airbnb said I earned and that my spouse earned the other 50%, is thus going to be a red flag to Revenue Canada?

[Helen3]

I would speak to your accountant and see how best to set this up @Eric-Langshaw0 

or set your wife up as a cohost and pay her 50%