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

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If you have any questions or any guests you would like to see, email as at [email protected].

Keith Roy – Personal Real Estate Corporation, RE/MAX Select Realty.