I have been told that the fees received from Student Homestay fees are regarded as a "breakeven" and therefore do not need to be reported as income.Does anyone have knowledge or reference?
2006-10-25 15:53:04 · 3 answers · asked by homer_a_d 2 in Business & Finance ➔ Taxes ➔ Canada
You should always report income. If you dont you might get a visit from revenue canada asking for taxes+interest etc. Plus if you report it you will increase the amount of room in your RRSP for later on when you start one.
2006-10-29 01:52:59 · answer #1 · answered by mtldon1 4 · 0⤊ 0⤋
You still have to file an income tax return and report the money, but it's deductible, so elsewhere on the income tax form it gets removed. It still has to be reported, but you're not going to pay anything on it.
2006-10-27 02:32:28 · answer #2 · answered by Imani 5 · 0⤊ 0⤋
Imani, why would this income be deductible? Deductible from what? I realize one could expense food and a percentage of housing costs depending on percentage of space the renter is using....but the income is deductible?
2016-07-06 14:31:12 · answer #3 · answered by Tom2018 1 · 0⤊ 0⤋