Living Aboard and Canadian Taxes

[zAr]

I've seen a few threads in various forums about the tax situation with liveaboarding in the US, how some aspects of it depends on state, how often the IRS lets you deduct the interest on your loan payments, how it's important to have a galley, head, etc., before they'll consider your boat a primary residence, etc.

But what about living aboard in Canada? What do I need to know before I make the leap? How will moving from land to a boat as my primary residence affect my taxes? Are there any pitfalls to avoid?

[SailorGregS]

You will avoid property taxes, but that's it.

[zAr]

Originally Posted by SailorGregS

You will avoid property taxes, but that's it.

Do you know if slip fees qualify as rent? In Ontario paying rent gets you a refund. I guess I could just check the Canada Revenue site.

[SailorGregS]

I doubt very much that the slip fees would qualify for rental subsidies. Rental are typically classified as a "dwelling". Of course Revenue Canada can clear that up.

If you are living on a dividend income stream you will pay the slip fees using non-taxable income, up to $36,000. If you try to rationalize that, the fee's are basically a 50% tax credit. It's a positive way to look at it.