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.
Read the article here and then get advice from your lawyer and accountant.
Clearly the timing of your next real estate project is important. If you or someone you know would like to have professional help buying or selling real estate from a licensed real estate professional please contact me here.
This post is for education purposes and not legal advice.
Click here to learn more about how you can work with a REALTOR® and what are the REALTORS® duties to you.
Sincerely,
David Hennessey
REALTOR®
eXp Realty
604 626 8903
