Cole CPA Group

🏡 Stay Compliant with Your Short-Term Rental in 2024 🏡

Do you own or operate a short-term rental (Airbnb, Vrbo, etc.)? Ensuring compliance with tax and municipal regulations is essential to avoid costly penalties.

🔍 Key Points to Keep in Mind:

🔴 Licensing and Permits: Some cities, like Saskatoon and Regina, require permits to operate legally.

🔴 GST Registration: If your rental income exceeds $30,000 annually, you must register and collect GST.

🔴 Tax Implications: Non-compliance can lead to denied tax deductions and CRA reassessments.

Don't let avoidable mistakes impact your earnings. Speak with a qualified tax professional to ensure your short-term rental is fully compliant.

📩 Unsure about your situation? Message me here, and let’s discuss how I can help.

What are your questions regarding accounting, bookkeeping and/or income tax?

What have you always wanted to know?

CERB New Eligibility:

CERB Benefits are now available if:

• Your income is $1000/month or less within the qualifying application period (previously you could not be making any income)

• You are/were a seasonal worker who cannot return to work

• Your EI has recently ended (since Jan 1)

The burning question is for students still. Trudeau mentioned them separately, so they don't fall under the seasonal eligibility above, but he indicated more to come soon.

Although we do not know all the details yet here are some of the announcements today from the Canadian federal government.

Extending the tax filing deadline for individuals to June 1, and allowing taxpayers to defer payment until after August 31 (I will still be preparing taxes and we can do everything virtually if you prefer, meet through Zoom and a secure portal for all your documents, both to send me information and receive your returns.)

Allowing all businesses to defer until after August 31, payment of income taxes, interest-free

Temporary boost to the Canada Child Benefit payments

Introduce emergency care benefit of up to $900 bi-weekly for 15 weeks for those who have to stay home and don't have paid sick leave like those who can't access EI and are sick, or who are taking care of a child or someone who is sick (contact the EI department)

Emergency support benefit through the CRA for support workers who are facing unemployment as well as an additional amount for low-income people through the GST credit

Waiving the one-week waiting period for EI sickness benefits for six months and waiving the requirement for a doctor's note to access this assistance (contact EI)

Providing eligible small businesses, a 10 per cent wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer

Allowing lenders to defer mortgage payments (contact your bank)

Making additional funds and credit available to businesses of all sizes, including farmers

Implementing a six-month interest free moratorium on student loan payments (contact student loans)