As of January 1, 2025, the new BC Home Flipping Tax has added another layer of tax consideration for British Columbians who sell residential property within a short timeframe. This tax is in addition to the existing federal property flipping tax introduced by the Canada Revenue Agency (CRA) in 2023. The BC Home Flipping…
Heads up, the BC Home Flipping Tax is coming into effect on January 1, 2025. The BC Home Flipping Tax is part of the Residential Property (Short-Term) Profit Tax Act and applies to income earned from selling or assigning a property within 730 days (two years) of purchasing it. This includes properties bought before January…
Confused about wat the new B.C. home flipping tax taking effect January 1, 2025 means to you, a Buyer? The BC home flipping tax webpage is your best source of information, and you can subscribe to the page to be notified about updates! Here are some scenarios for the tax that may help. Remember, the…
