Has anyone figured out the new federal tax laws in Canada for Jan 1st?

Answered!
Jamie1159
Level 1
Vancouver, Canada

Has anyone figured out the new federal tax laws in Canada for Jan 1st?

Curious if anyone has figured this out? 

I have read several articles and they are short on details.

It is not clear who it applies to or what is affected.

Any input would be great.

Thanks
JM

1 Best Answer
Dave-and-Deb0
Level 10
Edmonton, Canada

Hi @Jamie1159 

 

There is not a lot of information out there right now and time will tell if this ever becomes a thing.  I understand that as long as you are following regulations for your area, you have nothing to worry about.  This is meant for those not following regulations and is meant to punish them by not allowing them to write of things to their place under the "rental income" category of their taxes.  This is a good quote which explains it well.

 

"The tax changes will take effect in 2024 and only apply to operators that are not abiding by provincial and municipal rules governing short-term rentals."

 

I actually think this is a great thing however I am skeptical about how they are going to police this. 

 

Other than that, we know very little and the media is just repeating the limited information that was shared. 

 

  

David

Superhost Ambassador ~ Host Club Community Leader ~ Community Expert ~ Experienced Co-Host

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2 Replies 2
Bhumika
Community Manager
Community Manager
Toronto, Canada

Hi @Jamie1159 ! Welcome to the Community Center.🌻

Have you found out any latest discussions related to this over the internet or with other Hosts?

I am also reaching out to a few Hosts from Canada if they have any idea related to this topic by any chance and help us out : @Dave-and-Deb0 @Hélène266 @Angela3272 @Brian2953 @Sarah5245 @John-and-Marley0 @Nneka18 .

 

Keep us updated if you've already found some reliable information in the meantime.

 

-----

 

Please follow the Community Guidelines

Dave-and-Deb0
Level 10
Edmonton, Canada

Hi @Jamie1159 

 

There is not a lot of information out there right now and time will tell if this ever becomes a thing.  I understand that as long as you are following regulations for your area, you have nothing to worry about.  This is meant for those not following regulations and is meant to punish them by not allowing them to write of things to their place under the "rental income" category of their taxes.  This is a good quote which explains it well.

 

"The tax changes will take effect in 2024 and only apply to operators that are not abiding by provincial and municipal rules governing short-term rentals."

 

I actually think this is a great thing however I am skeptical about how they are going to police this. 

 

Other than that, we know very little and the media is just repeating the limited information that was shared. 

 

  

David

Superhost Ambassador ~ Host Club Community Leader ~ Community Expert ~ Experienced Co-Host