The government is introducing several new tax measures in 2024. Most pertinent to real estate is the change to the short-term rental deduction, making it less attractive for owners to rent out their properties on Airbnb. The principal goal being to take these properties out of the short term rental arena and put them into long term rental to ease the housing shortage
Beyond the change to short-term rentals, the government has made announcements re the following:
- GST exemptions
- The CPP pension enhancement
- The alternative minimum tax
- Other notable tax changes for 2024
- Income taxes, EI premiums and TFSAs
- The ‘sneaky’ change to bare trusts
