People leasing short-term rental properties have found themselves in the crosshairs of a new tax measure in the recently released Fall Economic Statement by the federal government.
Hosts will soon no longer be able to claim expenses against the income they make from their rentals if done in non-compliance with area laws.
Visiting scholar at Trent, Professor Kellen Zale, says perhaps the biggest part the measure is $50 million pledged to help municipalities enforce restrictions.
Zale, says this has been a hot topic lately – with British Columbia announcing it would restrict rentals to a host’s primary residence in cities with over 10,000 people.
A reason for the move – Finance Minister Chrystia Freeland says short-term rentals are keeping far too many homes off the market.
(Written by: Jordan Mercier)
