Airbnb and the sharing economy need to pay up

Whether the hotel industry likes it or not, San Francisco-based Airbnb, with a market valuation of $10 billion, is here to stay. And so, whether Airbnb and its fans like it or not, this is why it has become all the more urgent to address some related social, fiscal and legal challenges.

Those include figuring out how to track rental income earned through Airbnb, for tax purposes; raising public awareness that tenants who sublet their dwellings without the consent of their landlords are violating the rules in their leases; and making sure people know there are insurance complications when it comes to liability for property damages that may arise.

Perhaps the biggest issue, for the general taxpayer, is that Airbnb in Quebec does not currently collect any of the room or sales taxes that traditional hotels charge. It should.

Read the full article at the Montreal Gazette

 

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