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posted Oct 31, 2019 1:59:53 AM

What form or statement should a homestay agency provide to their registered families for the amount transferred to them for hosting international students?

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1 Best answer
Level 15
Oct 31, 2019 1:59:54 AM

Although not all homestay agencies issue official tax slips (such as a T4A), homestay income is a taxable income in Canada, with any related expenses deductible. 

If you receive income as a homestay host, you should report it as "Self-Employed Income" on a T2125 - Statement of Business Activities. You will be able to claim any expenses incurred here as deductions and that will offset some of that income. 

1 Replies
Level 15
Oct 31, 2019 1:59:54 AM

Although not all homestay agencies issue official tax slips (such as a T4A), homestay income is a taxable income in Canada, with any related expenses deductible. 

If you receive income as a homestay host, you should report it as "Self-Employed Income" on a T2125 - Statement of Business Activities. You will be able to claim any expenses incurred here as deductions and that will offset some of that income.