April 22, 2011

It’s a valid question that I get when discussing investment properties with investors.  There is a criteria that is outlined by the government of Canada and following are some highlights of it.

Please note that I’m not a tax accountant and the post is for informational purposes only.  Please verify the information you’re relying on and consult with an accountant.

• Rental of a residential unit in a residential complex are exempt when used as primary residence or lodging
  • Where the consideration for rental is less than $20 per day
  • If the period of occupancy is continuous regardless of the length of lease
• Accommodations in non-residential complex are
  • Taxable usually regardless of duration
  • Exempt if rent is $20 or less per day
  • A hotel or motel doesn’t usually qualify as residential complex

As mentioned earlier, this is just for quick reference.  For detailed information, please click below to review the source.

Source

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