Accountant for Canmore businesses

A season that pays for the whole year

Canmore earns heavily in two seasons and carries costs through the rest. That shape breaks the assumption behind most accounting advice, which quietly expects revenue to arrive at a steady rate, and it makes instalments based on last year a poor fit.

Short term rental income adds its own question. Whether it is reported as rental or business income changes the treatment, and GST can apply to accommodation in ways it does not to long term rent. HBT sets that up correctly rather than discovering it during a review.

What a Canmore engagement usually covers

How the work begins

1. 1

   Step 1: Map the season

   When the money arrives and when the costs land.

2. 2

   Step 2: Set the treatment

   How the income is reported, documented and agreed.

3. 3

   Step 3: Instalments against forecast

   Rather than a flat schedule that ignores the season.

How is short term rental income taxed in Alberta?

It depends on how the property is operated. Income from a property rented out with few services is usually rental income, while something run closer to a hospitality business can be business income, which changes the treatment and the deductions. GST can also apply to short term accommodation where long term rent is exempt. The facts of how you run it decide the answer.