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Jan/25 - BC Home Flipping Tax

Blog by Diane Cardoso | January 2nd, 2025

As of January 1, 2025 the BC Home Flipping Tax is now in effect.  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 (2 years).  This includes properties bought before January 1, 2025, if they are sold on or after that date and owned for less than 2 years.
-  The rate is 20% 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 withing BC, regardless of residency.
- Exemptions include certain primary residences, though exemptions are subject to specific conditions and filing requirements.