I have been told that the fees received from Student Homestay fees are regarded as a "breakeven" and therefore do not need to be reported as income.Does anyone have knowledge or reference?
You should always report income. If you dont you might get a visit from revenue canada asking for taxes+interest etc. Plus if you report it you will increase the amount of room in your RRSP for later on when you start one.
You still have to file an income tax return and report the money, but it's deductible, so elsewhere on the income tax form it gets removed. It still has to be reported, but you're not going to pay anything on it.
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