BREAKING NEWS!!! The Government of BC Announces a New "Flipping Tax"

BREAKING NEWS!!! - Flipping Tax!

I made a 60 second video to explain this new tax legislation and you can view it HERE.

The BC Government has just announced that they will be implementing a "Flipping Tax" that will be effective January 1, 2025.  The tax will be 20% on the profits of ANY residentially zoned real estate sale if sold within the 1st year of ownership.  The tax will slide from 20% to 0% between the 1st and 2nd year of ownership.  So, for example, if you sold after 18 months, the rate would be 10% on the profit of the sale.  The Tax also applies to any "Assignments of Contracts" where a profit may be made.  The tax will also be applicable to real estate that was purchased prior to January 1, 2025.  There may be some possible exemptions including death, divorce, illness, or relocation for work; however the details of those exemptions has yet to be determined.  The Ministry of Finance has estimate that the tax will generate approximately 43 million in revenue, which they say will be used to provide affordable housing within British Columbia.

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