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Homestay Tax Implications. If one is making over $30k/year on this activity, they are also required to register for a gst number. Any furniture, paint, carpets, bedding, and even light fixtures specifically purchased for the rental room or suite can also be a tax deduction.
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Students apply through and pay to an education agent in their home country; A homestay is a cultural exchange between an international student or visitor and a local individual or family in the host country. Don’t panic, as a business you just pay taxes on the net income, which is the amount after you itemize your homestay deductions and expenses.
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Goods and services tax/harmonized sales tax (gst/hst) implications of accommodation sharing if you earn more than $30,000 of gross revenue over four consecutive calendar quarters through the supply of taxable goods and services, which includes the provision of short term accommodation, you are required to register and start collecting and remitting the gst/hst. You need to use the actual cost method. Of course, one is only taxed in canada on the net of their income, so any expenses associated with these 'homestay' students are deductible against income. As a result, tax planning is a must if you want to minimize your tax bill and also make sure that you are compliant.
