” The new house flipping tax was introduced on January 1, 2023, to target people who were avoiding taxes on flipped properties. Previously, some house flippers were classifying profits as capital gains to avoid paying the correct taxes.”
” The new house flipping tax was introduced on January 1, 2023, to target people who were avoiding taxes on flipped properties. Previously, some house flippers were classifying profits as capital gains to avoid paying the correct taxes.”
”In addition to this new rule, the Canada Revenue Agency (CRA) is increasing the number of audits related to flipped properties. It’s important to understand the new rule to avoid paying penalties and interest, whether you’re an experienced flipper, builder, or renovator.”
To read the full article published on the spiremortgage.ca website click HERE. More information can be found directly on the Revenu Quebec website by following this link HERE
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