Pending federal tax reforms targeting Airbnb hosts encouraging, B.C. minister says
The crackdown on short-term rentals continues.
CTV News has learned the federal government will announce new tax reforms on Tuesday that target Airbnb and other short-term rental hosts.
Under pressure to increase long-term housing supply and ease the country's housing crisis, the government is set to alter tax rules to no longer allow short-term rental hosts to write off rental expenses in cities where restrictions are in place, including Vancouver.
For example, if a host makes $120,000 in income and has $120,000 in expenses, they'd have to pay $33,000 in federal taxes.
"Early indication is it sounds like a pretty good proposal that they're putting forward to help us not only in British Columbia, but really across the country to address this growing challenge," said B.C. Housing Minister Ravi Kahlon.
Last month, the province introduced new legislation to crack down on illegal operators.
"I feel as though it's low hanging fruit, a scapegoat," said Jordan Deyrmenjian, founder of Artin Properties.
Deyrmenjian's company manages over 150 short-term rentals in the Metro Vancouver area. He said he understands people's frustration with the housing market, but believes targeting short-term rental hosts is not the solution.
"I think it would be more worthwhile of the federal government, provincial government, all ranges of government just to commit to providing more supply of housing and also non-market housing,” he said.
In October, the province said there were around 28,000 short-term rental listings in B.C.
"When I look at what government’s doing, I don't think it's an attack on short-term rentals so much as saying let's try and put short-term rentals in its appropriate place, rather than allow the excesses that have occurred, particularly in metropolitan areas," said Tsur Somverville, a UBC professor who specializes in housing issues.
The federal tax reforms are expected to be in place Jan. 1, 2024.
CTVNews.ca Top Stories
Liberal MP says she's leaving politics over disrespectful dialogue, threats, misogyny
Liberal MP Pam Damoff says she won't run again in the next federal election, saying she has experienced misogyny, disrespectful dialogue in politics and threats to her life.
Concerns about plexiglass prompt inspections at some Loblaws locations in Ottawa
Inspections are underway at more than one Loblaws location in Ottawa after complaints were filed about tall plexiglass barriers.
Federal employees will be required to spend 3 days a week in the office
Starting in September, public servants in the core public administration will be required to work in the office a minimum of three days a week. The Treasury Board Secretariat says executives will need to be in the office four days per week.
OPP officer said 'someone's going to get hurt' before wrong-way Hwy. 401 crash
As multiple Durham police cruisers were chasing a robbery suspect on the wrong side of Highway 401 Monday night, an Ontario Provincial Police officer shared his concerns, telling a dispatcher, "Someone's going to get hurt."
Ont. woman who faked pregnancy to defraud doulas arrested again on similar charges
Victims of a Brantford, Ont., woman who was sentenced to house arrest earlier this year for defrauding and deceiving doulas say they’re not surprised she’s been apprehended again on similar charges.
Eating disorders among youth skyrocketed during pandemic and so did associated costs, report finds
The number of young people experiencing eating disorders surged during the height of the pandemic as the social and economic costs skyrocketed too, a new pan-Canadian report has found.
Five human skeletons, missing hands and feet, found outside house of Nazi leader Hermann Göring
Archeologists have unearthed the skeletons of five people, missing their hands and feet, at a former Nazi military base in Poland.
Poilievre returns to House unrepentant for calling Trudeau 'wacko,' Speaker not resigning
An unrepentant Pierre Poilievre returned to the House of Commons on Wednesday to pepper the prime minister about his drug decriminalization policies after being booted the day prior for refusing to take back calling Justin Trudeau 'wacko' over his approach to the issue.
Toddler of Phoenix first responder dies after bounce house goes airborne
A two-year-old child died after a strong gust of wind sent the bounce house he was in airborne and into a neighbouring lot in central Arizona, the Pinal County Sheriff's Office said.