If you rent out your home, be it your principal residence or a secondary home, on an accommodation sharing platform such as Airbnb Inc. or Expedia Group’s Vrbo, you are required to report your income, after deducting eligible expenses, on your tax return. The Canada Revenue Agency (CRA) may consider this income to be either rental income from a property or self-employment business income.
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There were just over 300 new homes sold across the entire Toronto region in April. A population of about 6.4 million people was mainly too scared to pull the trigger.
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As soon as he turned 18, Matthew Robertson set up a tax-free savings account, downloaded personal finance apps on his phone and started listening to podcasts to plug himself into the stock market.
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For many Canadians, there’s been little hope of home ownership in some of the country’s biggest housing markets.
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Amid signs of a slowing rental market, Halifax-based landlord Killam Apartment REIT is expecting increased turnover of apartments to new tenants will help offset slower rent growth in Atlantic Canada.
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Perhaps the biggest tax break remaining for ordinary Canadians is the principal residence exemption (PRE), which allows individuals to realize an unlimited tax-free gain upon the sale of their home. Contrast that to the U.S. where the exemption is currently limited to US$250,000 for single filers (US$500,000 for married couples filing jointly), although last month, a bill was introduced in the U.S. that would provide an unlimited exemption just like in Canada.
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A number of municipalities in cottage country have been moving to limit the ability of cottage owners to rent to out-of-towners on short-term rental platforms like Airbnb, but some say the move is drying up the supply of cottages for rent.
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The pace of housing construction in Canada is picking up, but the country’s most populous province is pulling down the pace, new analysis shows.
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Canada’s inflation rate slowed to 1.7 per cent in July, but economists remain in a “wait and see” mode when it comes to the future of interest rates.
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Pierre Poilievre paused near the end of his victory speech, fighting back tears. Next to him, tears streamed down the cheeks of his wife, Anaida.
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