Effective January 1, 2025
The new BC Home Flipping Tax will be imposed in addition to the existing federal flipping tax, specifically targeting short-term property sales within British Columbia.
Here’s how it works:
The tax applies to income from sales of residential properties, presale contracts, or assignments owned for less than 730 days (two years). This includes properties bought before January 1, 2025, if they are sold on or after that date and owned for less than two years.
The rate is 20 per cent for sales within the first 365 days of ownership, gradually decreasing until it is eliminated at 730 days.
This tax applies to any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency.
Exemptions include certain primary residences, though exemptions are subject to specific conditions and filing requirements.
Wendy de Haas
REALTOR®
Professional Real Estate Negotiator (AREN, PREN)
604.518.8413
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