Not neccessarily. We just found a way to increase our income by $700.00 per month without tax liability.
Where we live there is an International students hosting plan. The bottom line is, you as a volunteer, open your home to an international student who comes to the Ontario Public School system to learn and live in English, and the school board will re-imburse you to the tune of $700.00 per month for expenses. This is non-taxable money. Check with your local school boards and find out if they have a program such as this in place.
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That sounds like a neat way to get to know someone from another culture and boost your income. Have you tried to calculate how much groceries and utilities would be likely to go up if you added another person to your household? How much extra income would you net?
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