As of January 1, 2025, the BC Home Flipping Tax is now in effect. This NEW tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia.
You need to get professional tax advise to make sure you time a sale of property so you do not get hit by this tax. The tax rate is 20 per cent for sales within the first 365 days of ownership, gradually decreasing until it is eliminated at 730 days.
The BC Government has released a new video about the tax. Check it out below.
If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.
Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.
Sincerely,
David Hennessey
REALTOR®
eXp Realty
604 626 8903
