Tax on income from the sharing economy

Sharing economy activity tends to increase during the holiday season. Some of these activities include:

  • providing ride-sourcing services for a fare
  • completing jobs or errands for payment
  • renting out a room or a whole house or unit
  • renting out a vehicle or a car parking space.

The tax obligations associated with each will vary depending on the activity.  Some of the things you may need to consider include:

  • declaring income in your tax return
  • what income tax deductions and GST credits you can claim for expenses related to earning income and what you can’t claim because of personal use
  • how all of your sharing economy earnings added together affect your income tax and GST obligations
  • keeping records of your income and expenses to meet your tax obligations.

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