I recently read an article by a lawyer about the proposed BC Flipping Tax.
I quote “The B.C. Government has recently proposed a home flipping tax (the “Home Flipping Tax”) that will take effect starting January 1, 2025, subject to approval by the legislature. This tax, when passed, will apply to income from the sale of a property, including presale contracts, in British Columbia if the property was owned for less than 2 years.”
IMPORTANT: There is a Primary residence deduction but not an exemption.
