August 6, 2019

Taxes and the sharing economy: what you need to know

Many Canadians participate in the sharing economy, and income can be earned in a variety of ways. From accommodation sharing (aka home rentals) to ride sharing to making and selling goods or providing a service, all these activities fall as the sharing economy. Regardless of how you earned your income, any money that is earned needs to be reported for tax purposes.

Key Takeaways:

  • If you earn any income through the sharing economy, it is subject to the same taxation and GST/HST rules that apply to income earned from a property or business.
  • Taxpayers who earn more than $30,000 annually through the sharing economy need to register for a GST/HST account.
  • If you earn money from ride-sharing platforms, then you must register for a GST/HST account, regardless of whether you earn more than $30,000.

“All income earned through the sharing economy must be reported on tax returns.”

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