SailNet Community banner
1 - 4 of 4 Posts

·
Registered
Joined
·
139 Posts
Discussion Starter · #1 ·
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?
 

·
Banned
Joined
·
273 Posts
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.
 
1 - 4 of 4 Posts
Top