CCI Manitoba Chapter News

Significant tax implications upon sale of short-term rental

Death, taxes and running an Airbnb

As published in the Winnipeg Free Press Editorial on Monday, Oct. 28, 2024, there could be significant tax consequences when buying or selling a short-term rental property

"...a federal Tax Court judge ruled on a CRA interpretation that says, when a short-term rental property owned as an investment is sold or changed to another use (even becoming a principal residence), the transfer has to include payment of the federal HST or GST on the full value of the property."

For details, here is a link to the Winnipeg Free Press article

https://www.winnipegfreepress.com/opinion/editorials/2024/10/28/death-taxes-and-running-an-airbnb