This episode will save you money (and a tax audit).
A must listen if you own property, especially rental property.
This week I’m back with Chris Thompson – my friend, husband of Keith Roy and Associate’s team manager, Anna and former tax lawyer.
Stephanie and I went over to Chris and Anna’s for ice-cream last weekend and while we were there Chris and I talked about taxes (because clearly we know how to rock a Saturday night).
We bust out the tax code and break down the following:
Do you have to pay capital gains tax on your home when you sell if you had a rental suite in your house?
Do I need to report all rental income to CRA?
What’s my tax rate on my rental income?
What expenses can I write off if I have a rental property?
How long do I need to keep my tax records for?
If I move into my rental property for a year before I sell it, do I still have to pay capital gains tax?
Do I have to declare AirBnB income?
Links to some of the things we talk about in this episode:
Beware the tax hit hiding in your basement
CRA and Real Estate
If you have any questions or any guests you would like to see, email as at firstname.lastname@example.org.
Keith Roy – Personal Real Estate Corporation, RE/MAX Select Realty.