#21 – It Depends…

This episode will save you money (and a tax audit). A must listen if you own property, especially rental property. This week I’m back with Chris Thompson – my friend, husband of Keith Roy and Associate’s team manager, Anna and former tax lawyer. Stephanie and I went over to Chris and Anna’s for ice-cream last weekend and while we were there Chris and I talked about taxes (because clearly we know how to rock a Saturday night). We bust out the tax code and break down the following: Do you have to pay capital gains tax on your home when you sell if you had a rental suite in your house? Do I need to report all rental income to CRA? What’s my tax rate on my rental income? What expenses can I write off if I have a rental property? How long do I need to keep my tax records for? If I move into my rental property for a year before I sell it, do I still have to pay capital gains tax? Do I have to declare AirBnB income? Links to some of the things we talk about in this episode: Beware the tax hit hiding in your basement CRA and Real Estate *** If you have any questions or any guests you would like to see, email as at podcast@keithroy.com. Keith Roy – Personal Real Estate Corporation, RE/MAX Select Realty.


by The UnReal Estate Show