The new BC Home Flipping Tax comes into effect on January 1, 2025. But how does it compare to the federal property flipping tax? Check out our full breakdown.
Posts tagged with “Capital Gain”
Resources & Tips
Comparing the BC Home Flipping Tax and Federal Property Flipping Tax: What REALTORS® and Their Clients Need to Know
Legally Speaking
Principal Residence – Calculations and Exemptions #147
A taxpayer bought a home and occupied it as his principal residence for 18 months and then rented one-third of it for 46 months. He then sold the home for a gain of $52,000, which the Minister of National Revenue…
Legally Speaking
Principal Residence – Exemption or Taxable Gain #131
Where the lands surrounding a principal residence exceed one acre, the excess area only falls within the principal residence exemption if the owner…
Legally Speaking
Capital Gains Tax – Principal Residence #96
Following the death of a woman in 1982 who lived on a parcel of land of 6.09 acres, the Department of National Revenue assessed a taxable capital gain of $202,800.00 on the deemed disposition of the property…
Legally Speaking
Income Tax, Income or Capital Gain #31
The intention of the taxpayer as the determinative factor in whether one hundred per cent of the profit realized on the sale of property is taxed as income, or only fifty per cent as capital gain, is described in the…
