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GST Applicable on the Sale of Short Term Rentals

FYI - if you are selling a property that has been used for nightly rentals GST may be applicable on the sale of the property due to the commercial nature of short term rentals (even on a percentage use basis if you are renting only a room or two instead of your whole house). If the owner's short term rental income exceeds $30,000 they are required to become a GST registrant. If the Seller has claimed input tax credits than CRA will require GST be charged and remitted on the sale of the property.

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Alexandra Axsen
Lake Okanagan Realty Ltd.
Owner/Managing Broker
Tel: (250) 870-2792
Email: Alex@LakeOkanaganRealty.com
www.LakeOkanaganRealty.com

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