Short-Term Rental Tax Trap: How to Protect Your GST/HST Exemption When Leasing Property скачать в хорошем качестве

Short-Term Rental Tax Trap: How to Protect Your GST/HST Exemption When Leasing Property

If you’re investing in Airbnb or other short-term rentals, you might already know how profitable they can be. But did you know that running short-term rentals could come with some pretty significant tax implications in Canada? Specifically, how GST and HST apply to your rental properties—and it’s more complicated than most investors think! A recent court case brings attention to the GST/HST implications when converting residential property from long-term to short-term rental and then selling it. The GST/HST rules in these situations can surprise even experienced investors, so it’s crucial to understand how they work before making any big moves. Check out my earlier video on Airbnb taxes for more detailed insights:    • Airbnb Taxes Every Host Should Know   PS: Will you be paying more taxes next year due to the new laws imposed by the Federal Government and CRA? Attend my FREE live webinar on the income tax updates, December 3rd, at 8 PM EST to find out! Register now: https://www.therealestateaccountants.... Key Moments In This Episode ======================== 00:00 Introduction 02:41 How Input Tax Credits Work 05:08 Residential vs. Commercial GST/HST Rules 07:39 Reclassifying Property: Tax Implications 10:08 Key Exemptions for Commercial Use 12:29 Court Rulings on Short-Term Rentals 14:53 How GST/HST Affects Property Sales 17:15 Lessons for Airbnb Investors 19:25 Tax Planning for Short-Term Rentals 21:36 Navigating Complex GST/HST Rules 23:42 Real Estate Tax Optimization If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible. Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing! ---------------------- Please make sure to speak to a professional that knows your personal situation before making a decision. If you need to talk to someone on my team, email us at [email protected]. ---------------------- SIGN UP FOR OUR NEWSLETTER Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here: https://realestatetaxtips.ca/youtube ---------------------- Want to PAY LESS TAX as a real estate investor? Check Out All of My Tax Saving Resources HERE: https://realestatetaxtips.ca/resource. ---------------------- FOLLOW ME ON SOCIAL MEDIA: Facebook:  / realestatetaxtips   Instagram:   / realestatetaxtips   ---------------------- ⭐Cherry’s Best Real Estate Tax Tips ⭐ ➡️Should Small Business Owners Continue to Invest Through Their Corporations?:    • Should Small Business Owners Continue to I...   ➡️Mortgage Updates You Need to Know:    • Mortgage Updates You Need to Know   ➡️The Untold Truth About Housing Costs You Need to Know With Ottawa Home Builder Association   • The Untold Truth About Housing Costs You N...   ➡️New CRA Trust Reporting Rules:    • New CRA Trust Reporting Rules   ➡️How We Diversified Our Portfolio: Buying Our First U.S. Property:    • How We Diversified Our Portfolio: Buying O...   ➡️Millions Lost & Hundreds Affected: The Dark Side of Private Lending:   • Millions Lost & Hundreds Affected: The Dar...   ➡️How to Leverage Real Estate and Tax Benefits as a Physician:    • How to Leverage Real Estate and Tax Benefi...   ---------------------- DISCLAIMER: Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice. The information contained in this video is for general information purposes only. The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk. In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information. #CherryChan #RealEstateTaxTips #RealEstateInvesting #CanadianInvestors #RealEstateCanada #canada #taxes #CRA #RealEstateTax #airbnbtax #corporation