I want to share a story of a very good friend of mine that created a homestay business and used this income to make the payments on her mortgage to eventually be mortgage free. A homestay business is similar to an Airbnb business but uniquely different in that it is mainly used for international student housing all around the world.
The internet has opened a whole new world of business opportunities, with some big companies now offering services to connect students and travellers with hosting families that are all part of a new network of temporary scholastic lodging facilities. You will need to declare the rental income, but by doing so, you can also take advantage of the many household expenses you can write off annually. Good, comprehensive home insurance is also a must, and once you get the hang of things you will also want to set out the “household do’s and don’ts” to your new homestay students.Article content
The secret to really benefiting from this strategy, would be to live within your means and use all of the business income to pay down debt. This became a very manageable business venture for my friend, one that lowered her marginal tax rate through the years and ultimately allowed her to pay less taxes and increase her net worth.Article content
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Source: OttawaCitizen - 🏆 21. / 68 Read more »