Unfortunately, the entire story isn't available on this link. Intellectual property, you need to subscribe.
I saw the complete article earlier today, before it was restricted. Short term rental operators are no longer going to be able to write off their expenses. The new law is deliberatly targeting short term rentals in order to discourage people from doing it. Not just here but nationwide.The article explains that this is Trudeau's government's federal answer to the housing crisis.
Perhaps we should wait til Tuesday, and get the total story direct from Ms Freeland. Maybe I read it wrong, but it sure didn't look like it to me. Silly to argue about it until we have all the facts.
Trudeau (and his government) did NOTHING, for years, to address the dismal housing situation in Canada, a national disgrace. But now he sees B.C. enacting legislation to restrict STRs, and he sees that the majority of people feel that it's probably a good idea, so he sees an opportunity to jump up and be the good guy, saving houses for Canadians. Probably a good idea, politically. There's so many homeless people across the country that if Trudeau can buy all their votes, he just might get re-elected.
OTTAWA - Finance Minister Chrystia Freeland said Tuesday the government's fall economic statement will focus on housing and affordability within a fiscally responsible framework.
..... says housing measures coming in budget update, weighs in on short-term rentals
..... is also facing considerable pressure to address the national housing crisis, as polling shows support for the governing Liberals is taking a hit.
It seems that all three levels of government are now against Vacation Rentals. Details on the provincial and federal rules are still forthcoming but the intent is clear. Municipal regulations vary but none are making it easier to operate short term rentals . Seems just the other day that they were going after the loggers and fishermen.
"The tax changes will take effect in 2024 and only apply to operators that are not abiding by provincial and municipal rules governing short term rentals"
I wish they would publish what the PM pays for the vacation rental home on Chesterman Beach! Would be interesting to find out if the home is a legal VR or?
"operators that are not abiding by provincial and municipal rules governing short term rentals"....... OK, that would be "illegal" rentals.
How many illegal rentals can you name that are reporting the income, or even filing taxes, let alone claiming expenses? My estimate would be .....ZERO.
So what would be the purpose of this new federal legislation? Is it just window dressing? I'd hardly think so. No, STR's are gonna get nailed. That's what the government has been saying they're gonna do, and that's what is going to happen tomorrow.
Time to tell the truth About The story of Josie and George and thier illegal Ecolodge" Same with Gord and Dan...All ahve made money from STR,s in the past.
"In early November, Clayoquot Biosphere Trust published its biannual Vital Signs report revealing the regions living wage of $26.51 per hour — almost 10 dollars over the province’s minimum wage of $16.75.
Roughly 32 per cent of workers in the Clayoquot Sound region have employment in accommodation, food service and retail trade sectors, which are all “likely to earn below the living wage”, reads the report."
How many hotels and resorts, in Tofino, pay their staff a living wage? (especially the temporary foreign workers they import for housekeeping duty)? None of them do, not even close. How does this possibly relate to the subject of "keeping it in the community"? Providing us all with poor, underpaid neighbours who can't afford to feed themselves properly. (see Westerly News article). Great public service organizations, good community members? Hardly. Deserving of our support? Not as I see it.
On the other hand, there are STR operators who pay their housekeepers rates like $35 per hr.I have first hand knowledge of this, I'm not making it up. It's not fair to say that all the money earned at these STR's "leaves town", a good chunk stays here in the pockets of people who clean toilets and make beds. (and they're really grateful to have this income, it keeps them living reasonably.) These folks are all going to lose their good paying side jobs and be back to working 40 (or less) hrs a week for $17.00. I've spoken with some of them, they're worried.
It's never as simple as it sounds. Follow the money. The trail,again, leads back to the hotel owners. When you're told it's about "housing" and "community"....get out your shovel. It's actually about "competition" and "profits".
Unfortunately, the entire story isn't available on this link. Intellectual property, you need to subscribe.
ReplyDeleteI saw the complete article earlier today, before it was restricted. Short term rental operators are no longer going to be able to write off their expenses. The new law is deliberatly targeting short term rentals in order to discourage people from doing it. Not just here but nationwide.The article explains that this is Trudeau's government's federal answer to the housing crisis.
Perhaps we should wait til Tuesday, and get the total story direct from Ms Freeland. Maybe I read it wrong, but it sure didn't look like it to me. Silly to argue about it until we have all the facts.
Trudeau (and his government) did NOTHING, for years, to address the dismal housing situation in Canada, a national disgrace. But now he sees B.C. enacting legislation to restrict STRs, and he sees that the majority of people feel that it's probably a good idea, so he sees an opportunity to jump up and be the good guy, saving houses for Canadians. Probably a good idea, politically. There's so many homeless people across the country that if Trudeau can buy all their votes, he just might get re-elected.
https://vancouversun.com/business/real-estate/federal-government-short-term-rental-tax-deductions-changes
ReplyDeleteTry this one
Here's all I could find re Google:
ReplyDeleteOTTAWA - Finance Minister Chrystia Freeland said Tuesday the government's fall economic statement will focus on housing and affordability within a fiscally responsible framework.
..... says housing measures coming in budget update, weighs in on short-term rentals
..... is also facing considerable pressure to address the national housing crisis, as polling shows support for the governing Liberals is taking a hit.
It seems that all three levels of government are now against Vacation Rentals. Details on the provincial and federal rules are still forthcoming but the intent is clear. Municipal regulations vary but none are making it easier to operate short term rentals . Seems just the other day that they were going after the loggers and fishermen.
ReplyDeleteyou might want to ask Trudeau where he last stayed
ReplyDeleteTrudeau never passes up a chance to jump on bandwagon. Of coarse something needs to be done, but you have to wonder how considered their response is.
ReplyDelete"The tax changes will take effect in 2024 and only apply to operators that are not abiding by provincial and municipal rules governing short term rentals"
ReplyDeleteI wish they would publish what the PM pays for the vacation rental home on Chesterman Beach! Would be interesting to find out if the home is a legal VR or?
ReplyDelete"operators that are not abiding by provincial and municipal rules governing short term rentals"....... OK, that would be "illegal" rentals.
ReplyDeleteHow many illegal rentals can you name that are reporting the income, or even filing taxes, let alone claiming expenses? My estimate would be .....ZERO.
So what would be the purpose of this new federal legislation? Is it just window dressing? I'd hardly think so. No, STR's are gonna get nailed. That's what the government has been saying they're gonna do, and that's what is going to happen tomorrow.
Time to tell the truth About The story of Josie and George and thier illegal Ecolodge"
ReplyDeleteSame with Gord and Dan...All ahve made money from STR,s in the past.
"In early November, Clayoquot Biosphere Trust published its biannual Vital Signs report revealing the regions living wage of $26.51 per hour — almost 10 dollars over the province’s minimum wage of $16.75.
ReplyDeleteRoughly 32 per cent of workers in the Clayoquot Sound region have employment in accommodation, food service and retail trade sectors, which are all “likely to earn below the living wage”, reads the report."
How many hotels and resorts, in Tofino, pay their staff a living wage? (especially the temporary foreign workers they import for housekeeping duty)? None of them do, not even close. How does this possibly relate to the subject of "keeping it in the community"? Providing us all with poor, underpaid neighbours who can't afford to feed themselves properly. (see Westerly News article). Great public service organizations, good community members? Hardly. Deserving of our support? Not as I see it.
On the other hand, there are STR operators who pay their housekeepers rates like $35 per hr.I have first hand knowledge of this, I'm not making it up. It's not fair to say that all the money earned at these STR's "leaves town", a good chunk stays here in the pockets of people who clean toilets and make beds. (and they're really grateful to have this income, it keeps them living reasonably.) These folks are all going to lose their good paying side jobs and be back to working 40 (or less) hrs a week for $17.00. I've spoken with some of them, they're worried.
It's never as simple as it sounds.
Follow the money. The trail,again, leads back to the hotel owners.
When you're told it's about "housing" and "community"....get out your shovel.
It's actually about "competition" and "profits".
https://financialpost.com/personal-finance/taxes/attack-short-term-rentals-encourages-owners-not-report-income
ReplyDelete