@Ernie2 I'm not sure I understand your question, but if you are asking how to determine your Airbnb earnings, go to your Account, then select Transaction History, then Earnings Summary. Hope this helps!
Hi Ernie, your income from airbnb is claimed on your personal tax return (form T776). It is reduced by your expenses related to the rental (ex. advertising, property taxes, etc). Net income is added to your income from other sources and is taxable. You can join us for an upcoming seminar I have about Airbnb and taxes. Here's more info. Regards.
I let an accountant deal with it. I use an excel spreed sheet to catagorize all my expenses and give my accountant that as well as what I earned both through airbnb and other sources. The profit is added to my income, on which I pay income tax.
Wondering if anyone in Canada can help me with something before I file my taxes this year.
I rented my apartment (which I do not own, I rent) very short term on air bnb. So kind of like a short term sublet.
It was 9 days total over a 4 month time period. I did not make anything over what I pay monthly in rent. Worked out to a little over 900$
I am wondering if I have to claim this? I have read on a few websites if you rent for less than 14 days AND if you sublet and make less than your monthly rent you do not have to claim it on your income tax.
I am wondering if this is American or applies to Canadians as well? I live in Ontario. I wasn't able to find much on the CRA website so any advice or experiences would be greatly appreciated.
Hey @Ashley117, I am NOT a tax accountant lol, but my husband and I made some inquiries with CRA before starting to host and what we were told is that, if you are hosting in your own home/apartment, you are technically running a small business. Under $30,000 a year in revenue means you do not need to collect or remit GST, but you do need to claim the income on your income taxes. The "income" is any fees you recieve minus any expenses required to run the business. You can NOT claim rent or mortgage, but can claim utilities which can be directly attributed to the business. E.g., because my listing is 1 floor of my 3 storey house, I claim 1/3 of my utilities against my revenues.
Again, it is probably best not to take my word for it. Calling CRA is your best bet.
The information in the previous response disagrees with information from an accountant online which states that a renter "can deduct a portion ... of the rent paid against the rental income received." This makes sense, because if you are renting a larger place than you need so that you can Airbnb the extra space out, the additional cost of rent you're paying is a very legitimate expense.
The only question is on what line of the T776 do you enter your rent paid? Anyone know?
Hello everyone, all revenue collected through airbnb must be claimed on your personal income tax as income. For those of you claiming expenses on your little enterprise, beware. Your primary residence will be subject to Capital gains tax if you sell in the near future.
We have a two bedroom apartment and we rent out one bedroom a few days a month.
We do NOT own the apartment. We pay about $1500 per month and our income from Airbnb is about $250-$350 per month.
Do we have to declair income tax on this? We are doing this to only reduce our rent as $1500 is a bit expensive for us. What happens if we do not declair it? Will we get audited?
Thank you in advance for your help.
I'm also wondering if we have to claim 'rental incomce' for Airbnb in Canada. CRA defines a rental property as " Rental property – generally, a building or certain leasehold interests owned by a taxpayer(s) or a partnership that is mainly used to generate gross revenue from rent." The main use for our house is not to general gross revenue for rent. The main use for our house is as a home for my wife and I. We do rent out some rooms occassionally but only for about 75 days of the year.
We all need to claim the income generated from airbnb. You may also claim expenses against your tiny business, but beware. Your primary residence will be subject to capital gains if you sell in the near future. There is a reason Trudeau wants access to our bank account information 😞