Hi sailor! How can we help?

Help Center

Income tax: how does it work?

boatUnity – Income tax declaration for boat rental in Canada | Income & Expenses

Are you renting your boat or offering co-sailing in Canada? Find out what you must declare to the CRA and which expenses you can deduct.

Income

  • In Canada, income from renting your boat or co-sailing must be declared on line 26,000 of your income tax return (official CRA link).
  • When completing your tax return, you must also fill out form T2125 (form T2125).

Expenses

The good news is that you can also declare eligible expenses for this activity. Here are some examples of deductible expenses:

  • Maintenance expenses (fuel, oil, boat inspection, etc.)
  • Insurance
  • Lockage permit fees
  • Cell phone bills
Join boatUnity