In provinces that still allow short-term rentals, operators that are not compliant with local regulations and laws will also be denied the deduction. The federal government is now eliminating that tax break, denying operators of short-term rentals any income tax deductions for expenses if they operate in provinces or municipalities that have banned short-term rentals. as new housing rules look set to transform scene Time's up for some short-term rentals in B.C.Hamilton short-term rental bylaw banning commercial operators starts next month.Canada's debt charges are ballooning as Freeland tables a gloomy fall economic statement."In this circumstance, where the province or municipality has banned rentals in certain areas - yes, they are banned if you continue to do those activities, the federal government … you must pay tax on them," said Ameer Abdulla, a partner with EY Private. Despite the bans and restrictions, some owners continued to rent out these properties. To encourage owners to return those units to the long-term rental market, some municipalities imposed bans on short-term rentals, while others applied restrictions on how they operate. When the federal government announced this change, it justified the move by saying that in Montréal, Toronto and Vancouver in 2020, there were almost 19,000 homes being operated as short-term rentals that could be used for permanent housing. The elimination of some short-term rental deductions was announced in the Fall Economic Statement (FES) and kicks in on Jan. ![]() ![]() ![]() GST/HST exemptions, the elimination of deductions for some short term rentals, new alternative minimum tax rates and changes to Canada Pension Plan (CPP) contributions are among the new measures coming in 2024. But tax experts say the effects on most individuals are likely to be minor, unless they're high-income earners. New tax measures, and changes to existing ones, will begin affecting Canadians in 2024.
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