Hi sailor! How can we help?

Income:

• In Canada, income from renting your boat or co-sailing must be declared on line 26,000 of your income tax return
• When completing your tax return, you must also fill out 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

For more information on tax implications, consult the summary sheet from the CRA.