Under Short-term Rentals

Know the rules when insuring secondary suites

Secondary suites continue to be an affordable housing option for Metro Vancouver residents, benefiting home owners as mortgage helpers and tenants as a less expensive roof over their heads. Secondary suites are so prevalent that Canada Mortgage and Housing Corporation estimates there are now about 156,445 accessory suites in the region. [read more]

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Principal Residence + Short-Term Rentals + Resale = Capital Gains Tax

Most Canadians know they’ll pay capital gains tax to the Canada Revenue Agency when they sell an asset, such as their home, or investment for more than they paid. They also know and appreciate the fact their principal residence is exempt. However not every homeowner that rents part-time realizes their homes’ principal residence status could change because it’s being used differently and that 50% of the gain may be taxable as part of their regular income. [read more]

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