If I rent my suite to you for $1,000 per month, long term, the federal, provincial, and municipal governments get $.00 in tax revenue from it. I get $12,000 per year, and pray that you'll pay your rent and not wreck my place.
If I rent my suite via Airbnb, for $200 per night, for 200 nights per year, the feds get $2,000 GST, the province gets $2,800 PST, Tourism Tofino gets $800 Hotel Tax, Airbnb get their cut, District of Tofino gets $750 license fees, and I get about triple what long term rental would earn for me.
.....and I don't have to deal with the Residential Tenancy Act, I only pay residential property tax rates, and everything is insured by Airbnb and VISA. Sweet.
And you can live in a tent, if you can find a place to put it.
Follow the money. Don't bother looking to any aspect of government for any type of solution to this situation.
If I rent my suite to you for $1,000 per month, long term, the federal, provincial, and municipal governments get $.00 in tax revenue from it. I get $12,000 per year, and pray that you'll pay your rent and not wreck my place.
ReplyDeleteIf I rent my suite via Airbnb, for $200 per night, for 200 nights per year, the feds get $2,000 GST, the province gets $2,800 PST, Tourism Tofino gets $800 Hotel Tax, Airbnb get their cut, District of Tofino gets $750 license fees, and I get about triple what long term rental would earn for me.
.....and I don't have to deal with the Residential Tenancy Act, I only pay residential property tax rates, and everything is insured by Airbnb and VISA. Sweet.
And you can live in a tent, if you can find a place to put it.
Follow the money. Don't bother looking to any aspect of government for any type of solution to this situation.
In addition, long term rentals are classified as passive income and taxed at a much higher rate than short term rentals.
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