The BC home flipping tax is now in effect as of Jan 1st 2025 but there’s no need to flip out!
This will be a fee you pay on the profit from selling a property in British Columbia, including presale contracts, if you’ve owned it for less than 730 days.
Property purchased before the tax’s effective date will also 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 different from federal property flipping rules, and it’s managed separately from federal or provincial income tax. The goal is to discourage flipping properties for a quick profit as part of the Homes for People Plan.”
To find out more information about this tax, you can visit the Government of BC’s website here.
To learn how to accurately calculate the tax, the Government of BC has created this check list.
If you’re planning a sale and want to understand the potential impact on your taxes, please reach out and we can discuss a strategy to get the info you need.