“For Airbnb hosts in Toronto, it’s been a tough year. The pandemic reduced tourism to a trickle, and the City of Toronto has all but outlawed short term rentals, with an exception for situations where the property is the principal residence of the host. These hosts will need to register with the City and pay a 4% tax.”
Tax classes are determined by the Assessment Act, by way of the following regulation: https://www.ontario.ca/laws/regulation/980282#BK22
Read the full article originally published on linkedin.
Written by Peter Drennan