Hi I am a 2 year Air BnB host in Ontario, and love everything about it. I always declare my income and pay all taxes on what I earn from the room I rent out.
My wife and I live in the house, rent a spare room and are always (90+%) present when folks stay.
Now my tax guy is scaring the living daylights out off me by saying that ANY income from my house changes the status of my home as Primary residence and that I could be liable for a HUGE tax bill through Capital Gains.
Can anyone shed some light on the rules, as my wife and I are scared to do the wrong thing - but cant believe that all my fellow AirBnB hosts continue to operate if this is the case.
Grateful for ANY help and references! Thanks Jon