Taxation in Canada

[Bill2]

Can anyone offer experiences with CRA assessment of AirBnB incomes in Canada?  Does AirBnB share information with CRA?  

[Victor2478]

Hi completing the T776 rental income and expenses form for my taxes. Where can I indicate cost of supplies such as dishwasher soap,bath gel toiletries etc. Thanks 

[Dave-and-Deb0]

Hi @Bill2

I do not know if Airbnb shares with CRA but I do claim it as rental income and I also have a lot to write off such as property taxes, mortgage interest, heat, power, water, postage, renovations, bedding, beds, etc.

Cheers

Dave

[Cathy-Ann0]

How do you collect the taxes in Canada?

Is it incorporated in your price?

Kelly

[Gordon7]

Hi Dave, I see you claim air bnb rental income. How do you report it- does air bnb send you an annualk income statement and do you then send that in? I assume with less thatn 30,000 income, no HST is required (Ontario) Thanks... Gordon

[Dave-and-Deb0]

Hi @Gordon7,

I claim it as rental income using Form T776 Statement of Real Estate Rentals

Check out this CRA website: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/rntlbs-eng.html

I should state that this will be our first year reporting Airbnb income but before using Airbnb, we have had long term rentals and have always reported it this way and will continue to report this way with Airbnb income.

Dave

[Ajay3]

Are you declaring income from AirBnB as your personal income or as your business income ?

[Warren87]

Income earned from renting out your property is gross rental income which gets reported on your personal tax return (T1). 

[Kathie65]

So we claim the gross income, and not the net amount after Airbnb deducts the Host Fee?

[Michal8]

Hey Sir, 

do u have to send this form separately to CRA, or you can do it online, by using software such as UFile or turbotax?

thanks

Mike

[Monica736]

This form is included with your tax return and it can be filed electronically with CRA approved software.

[Warren87]

Are you referring to the T776, Statement of Real Estate rentals that gets reported to the CRA?  If so, it gets filed along with your personal tax return at tax time.

If you use software like TurboTax, it walks you through the process of claiming rental income and claiming eligible deductions.  It's so smart and easy to use.  highly recommended.

[Gary86]

hi Dave,

do you know which line on the T776 you use to claim for supplies (ex: shampoo, toilet paper, dish soap, etc) ? Thanks for sharing, I am having a hard time deciding where these belong. Thank you.

[Warren87]

You would report those under "Other Expenses".  You could report them as "Office Expenses" as well, but other works.

[Jaya5]

Yes! Airbnb and CRA do talk to each other.

Eventhough Airbnb does not ask hosts' SIN numbers; but the name and address along DoB on file with Airbnb are good enough for CRA to nail down a host that tried to act too smart by not declaring airbnb income.

I heard from a friend that his friend got penalised by CRA for hiding airbnb income.