Host payout
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Where does the security deposit go after booking is made?
Security deposit is paid to Homadorma at booking. In the case of a cancellation before the end of the trial week, Homadorma is therefore able to allocate the fund according to Termination and Refund.
In No Stay Guarantee, security deposit is transferred to the host after the trial week. It is the responsibility of the student and the host to reach an agreement of how to use the security deposit. Most of the hosts keep the security deposit in their bank account and use it to cover the homestay fee of the last month.
In Stay Guarantee, security deposit is converted to the last month homestay fee stored in the bank account of homadorma. Student is responsible for making monthly homestay fee payment according to the payment schedule set by Homadorma. Security deposit is transferred from Homadorma to the homestay family, whichever occurs earlier, in the last month of your stay, or when the Stay Guarantee expires or terminates.
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How much do I get paid in case of a termination within trial week?
The payment amount is based on the number of days the student stays at the homestay according to the termination notice issued on homadorma. Please refer to Termination and refund.
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Is homestay family income taxable?
Homestay income is taxable in Canada and the United States, with any related expenses deductible. As a host, you are considered an independent party and not an employee or contractor of our company. Therefore, we do not issue tax slips. It is your responsibility to accurately calculate and report your earnings to the CRA or IRS as per the applicable tax laws. Should you need assistance with how to manage your tax obligations, we recommend consulting a tax professional.
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Why is my payment from Homadorma late?
Homadorma makes payment by direct deposit. While we make the payment on time, the payment could arrive late in your bank account if the date date of the payment falls on a bank holiday. In this case, the payment will show up on your bank account on the following business day.
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How does the payment work after moving in?
After the student pays to book the homestay, the host needs to confirm the booking. Once the booking is confirmed, contract will be finalized electronically between the student and the host on Homadorma. The payment schedule can be found on the last page of the finalized contract. Here is an example of the payment schedule:
The student is responsible for making monthly payments directly to the host according to the payment schedule.
Our recommended payment method is interac e-transfer, supported by all major banks in Canada. Interac e-transfer leaves a clear trace of record in the bank account of the student and the host. There is little chance of payment misunderstanding down the road.
The student needs to set up a local bank account, and then transfer the fund from overseas to their local bank account. Interac e-transfer is possible after the fund clears in their bank account.
Can't find your answer? Get in touch with our team-we are here to help.