Have you heard of BC’s New Home Flipping Tax that comes into effect on January 1, 2025?
How the tax will work:
The BC home flipping tax will apply to income from the sale of property that was owned for less than 2 years.
The tax rate will be highest for those who owned properties for the shortest period and will decline the longer the property is owned. The tax rate will be 20 percent for income earned from properties sold within 365 days of purchase and will decline to zero between 366 and 730 days.
You may be exempt from paying tax on income earned from the sale of your property if you are eligible for an exemption.
For more information, please visit: https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax