For anyone looking to rent out their home in Toronto on a short-term basis, there's a new bit of news for you. You need to register with the City of Toronto, and you can short-term rent only your principal residence.\nFYI, short-term rentals are homes or rooms rented out for any period of time that’s less than 28 consecutive days. A principal residence, on the other hand, is the home where you live and the address you use for bills, ID, taxes or insurance.\nBut before you allow renters into your home for short-term stays, you'll have to ensure that you've registered with the City of Toronto. You can easily register and pay the $50 registration fee on the City's website.\nCity of Toronto\nGetting registered is super easy — and it's a mandatory step to be able to legally rent out your home for short-term stays within the city of Toronto.\nAfter you're registered, you'll need to include your City-issued registration number in all your ads and listings. And, starting in January 2021, you'll also need to collect and submit a 4% Municipal Accommodation Tax on your short-term rental.\nView this post on Instagram It’s not too late to have your say on how Toronto can recover, rebuild & emerge from the #COVID19 pandemic even stronger. The survey deadline has been extended to tomorrow, July 15, so that even more people can share their views. Take the survey at: toronto.ca/RecoveryRebuild/ A post shared by City of Toronto (@cityofto) on Jul 14, 2020 at 1:25pm PDT\nYou can read the rules and check out more registration details on the City's website, but here are a few noteworthy highlights:\nYou must be at least 18 years or older to short-term rent your home or room.\nRemember, you can only short-term rent your principal residence in Toronto. This is the home where you live and the address you use for bills, ID, taxes, and insurance.\nYou can rent up to three bedrooms in your home for an unlimited number of nights each year or your entire home for a maximum of 180 nights each year.\nYour home must be eligible to be a short-term rental (meaning you need to make sure that short-term renting is not against any relevant tenancy act, condo agreement, or other rules and legislation).\nThe City of Toronto's website has a ton of information available for people who want to short-term rent their home, so you can check your eligibility and learn more about the rules at toronto.ca/ShortTermRentals.\nView this post on Instagram #CityofTO has extended the deadline to have your say on how Toronto can recover, rebuild & emerge from COVID-19 even stronger. Share your views by July 15. Take the survey at: toronto.ca/RecoveryRebuild #RecoveryRebuildTO A post shared by City of Toronto (@cityofto) on Jul 10, 2020 at 11:57am PDT\nIf you're short-term renting your home, or hoping to do so in the future, you must register with the City of Toronto. Visit the City of Toronto's website to learn about the rules and register online.