Vancouver questions - new to hosting

Matthew701
Level 2
Vancouver, Canada

Vancouver questions - new to hosting

With me being new to hosting guests in a private bedroom in my apartment in Vancouver where I also live, I have scrolled through pages of community posts here, but I have some questions please:  

  1. Do guest reservations tend to stop in Vancouver when the long rains begin in October?
  2. Are PST taxes already deducted from my earnings? I received an email from AirBNB saying “Airbnb started collecting and remitting the Provincial Sales tax and the Municipal Regional District Taxes that are administered by the Province of British Columbia for all reservations booked on or after October 1, 2018.”
  3. As I am thinking of hosting from May to October, should I try to keep my earnings within $10K? I have read on forums here that in Canada, the first $10K of AirBNB earnings are considered tax exempt.
  4. Can I claim tax deductions for city council license expense, and purchase expenses for furniture that I purchased for the private bedroom?
  5. Can anyone recommend a Vancouver tax accountant that is versed in airBNB, as my current accountant verbally told me to not worry about declaring airbnb incomes which sounds dubious?

Thanks in advance.

2 Replies 2
Amy1025
Level 2
Vancouver, Canada

I would also like to know the answer. : )

Marina833
Level 2
Vancouver, Canada

1)It slows down in Oct. but this is a year round city and lots of people come in for work. If you set it up so its comfortable for that you will get repeat guests.

2)Yes- Airbnb collects and remitts yr taxes. NOT your income taxes. Thats on you.

3) If you are earning money you are paying taxes. No such thing as free $10K. You are a" landlord" and have income.

4)Yes- all reletaed items to the running of your Airbnb are have tax saving implications. Save ALL reciepts. Sheets/ toilet paper/ milk/ permits

5)Airbnb has a relationship with H&R Block. You need a LEVEL 4 person to fill it all in-It should be ~$200. DON"T settle for someone with less training. There is a info video somewhere on Airbnb/H&R

 

Single most important piece of advice: Stay out of peoples way in the morning and do NOT interfere with the morning coffee routine.