The BC home flipping tax applies to the profit you earn from selling a property in British Columbia (including presale contracts) if you owned the property for less than 730 days.
The tax is imposed under the Residential Property (Short-Term Holding) Profit Tax Act, which takes effect starting January 1, 2025.
Property purchased before the tax’s effective date may be subject to the tax if sold on or after January 1, 2025 and owned for less than 730 days, unless an exemption applies.
The BC home flipping tax is separate and distinct from the federal property flipping rules and is not harmonized or administered with the federal or B.C. income tax. It is intended to discourage short-term holding of property for profit as part of the Homes for People Plan (PDF, 5.93MB).
This blog post is adapted from content originally published elsewhere. The content is shared here for informational purposes only. Please visit the original source for full details: Original Source
