RLB Blog

Beginning with the 2024 calendar year, CRA no longer allows expenses to be deducted for non-compliant short-term rentals. What does that mean? Glad you asked! Here are some base definitions:

Renting out a second property We have covered renting out a portion of your home, but what do we need to know when we own a second property to rent out full time?

Trying to earn a little extra on the side is common these days – everyone could use a little extra spending money.  But just because it is not your full-time job doesn’t mean you don’t have to consider the tax implications.  Today we will cover one method of earning additional money – renting out your home through organizations such as AirBnB.

The Quick Method is a simplified way to calculate HST for small businesses.  Instead of totaling Input Tax Credits (ITCs) on all expenses and subtracting them from HST collected on sales, the Quick Method allows HST payable to be calculated based on a percentage of sales.

You’ve done it. After years of hard work, saving and making smart investments, you can finally afford to purchase your first home. Now what?

Trying to earn a little extra on the side is pretty common these days – everyone could use a little extra spending money.  But just because it isn’t your full time job doesn’t mean you don’t have to consider the tax implications.  Today we’ll cover an increasingly popular method of earning additional money:  Airbnb

The Quick Method is a simplified way to calculate HST for small businesses.  Instead of totalling Input Tax Credits (ITCs) on all expenses and subtracting them from HST collected on sales, the Quick Method allows HST payable to be calculated based on a percentage of sales.