The following checklist for AirBnb/Holiday Home Rentals is not meant to be exhaustive; it is presented as a guide to the most common deductions to be found in rental returns. If you are unsure of your rental income or expense, check with your tax agent.

   

General

   

Income

   

Expenses

Other things to note:

If you live in the home and also have guests via Airbnb – you will need to provide the floor meterage of the entire property, and the floor meterage of:

1. The Area of your property exclusively used by guests – ie bedroom, 2nd bathroom
2. The Area of your property shared with guests – ie kitchen, living room

Set-up costs – ie costs incurred prior to the property being listed as available for guest bookings, are not tax deductible, but may form apart of the cost base of the property for Capital Gains Tax purposes.

Contact Deb from Stellar Accounts for more details