
April 15th, 2025
Short-term Rentals & GST/HST: The Hidden Tax Trap on Condo Sales
Switching to and from Airbnb or another form of short-term rentals can result in a GST/HST bill when a condo is sold or there is a change in use.
Posted on July 5th, 2023 in Domestic Tax
The Canadian Federation of Independent Businesses (CFIB) released a report on January 10, 2023, focused on succession expectations for small businesses. It included the following survey responses:
There are many hurdles and opportunities in selling a business. Many can be addressed in advance, leading to significant improvements in the sale process and an increase in sale price. Often, several years are needed to position the business for sale or transition sufficiently, so planning should start as early as possible, even if the owner has not definitively determined if and when the sale will occur. In many cases, simply preparing for a sale can lead to increased profitability, efficient processes and reduced stress for the owner, such that they are in a better position even if they eventually decide not to sell.
ACTION: If you are considering selling or transitioning your business in the near to medium term, start planning now to ensure a smooth transition.
Article originally published in: Tax Tips & Traps 2023 Second Quarter – Issue 142.
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