#025 RSIRE Brady Bodley Shares Info On The New Anti-Flipping Tax Law
Brady Bodley, lawyer with Birch Law, joins Denise in discussion of the new Federal Anti Flipping law, coming into effect in January 2023. What does the bill aim to accomplish?
The Canada Revenue Agency (CRA) has already been investigating and enforcing residential real estate that was being flipped or assigned and not properly reported as business income. Essentially, house flippers have been using the Primary Residence Exemption to avoid or reduce taxes.
The new tax law puts an end to using the PRE as an option and will flat-out disallow the use of the principal residence exemption to shelter the capital gain realized on the sale of your home if you’ve owned it for less than 12 months.
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. This will discourage quick flips for profit, which tend to inflate housing prices.
Join host award winning mortgage broker Denise Laframboise each week as she brings the good, the bad and the just plain ugly in real estate transactions, as told by real people. Success stories and tips on how to avoid the same pitfalls. We'd love you to please like, subscribe, follow and share these amazing stories.
To get in touch with Denise:
Web: http://DeniseLaframboise.ca
Email: mortgage@DeniseLaframboise.ca
Phone: 289-645-1568 ext 1
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