I was reading this article today on the Canadian REW Site and thought it was too important not to share.
Please note that I am not a Tax Accountant, and I strongly urge you to get advice from your own Tax Accountant, on this issue!
My thanks to the Author, Kara Kuryllowicz, for bringing it to our attention.
Vancouver empty nesters Steve and Barbara’s beloved 3,500 square foot heritage home with spectacular ocean views is now leased four to six months a year while they assess life in a 700 sq. ft. luxury downtown condo.
In Toronto, Jody rents her Cabbagetown house to neighbours tackling extensive renovations as well as professionals working short-term contracts. The two- to six-month rentals cover her mortgage and operating costs, such as insurance, property tax and utilities and she enjoys summers at the cottage.
Like so many homeowners that rent through AirBnB and comparable websites, Steve, Barbara and Jody consider them their principal residences because they live there...