Renting On Airbnb – Follow The Rules

The article discusses the complexities of running a short-term rental business, such as renting out properties on Airbnb. The main challenges are finding customers willing to pay enough to cover all expenses and keeping the property fully rented. It is essential to follow local laws, including zoning restrictions and tax regulations set by the Canada Revenue Agency. Short-term rental hosts must declare all revenue and track expenses to reduce taxes. They should also purchase proper insurance to cover hazards that could result from renting out their property. The article advises against making structural changes to a property to facilitate short-term rentals, which could result in reclassification by the CRA and higher taxes.