Hi all...
I recall seeing an article that stated that accountants that claim they can save you thousands on your return (small business), are usually just pulling the "14 day rental rule" where you can rent your home for up to 14 days without declaring the income.... so your small business can hold their AGM / Board meetings at your home, and you can claim a business expense for FMV of that meeting room, and don't need to claim the income on the home owner side.
That's for the USA, though. My memory from the article is that you can do the same in Canada... but all the google searches indicate that although it can be a valid small business claim, you need to declare your income on your personal return for ANY rent received for renting rooms / suites in you your home.
Two Questions:
1) Do you always need to declare income on renting rooms in Canada? No matter how small / few of days?
2) If so, is there any way to make this work in Canada - e.g. if you have a spouse that is under the personal exemption limit for income ? Could it be easy to find offsetting expenses that negate small incomes? How?
Thoughts?