In case you didn't know...
If you or anyone you know is planning on flipping a house next year or beyond in Canada, the government has scheduled a new Anti-Flipping tax to take effect January 1st.
GOV's DEFINITION OF A FLIP:
They have described this as “purchasing real estate with the intention of reselling the property in a short period of time to realize a profit.”
WHAT DOES THIS TAX MEAN?:
Essentially, under the new tax law, anyone who sells a property which they owned for less than 12 months (specifically, 365 consecutive days) will be considered to have “flipped” the house and any profits from the deal will be taxed as business income.
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