Greetings,
I hope you are well. This email is a reminder regarding the new B.C. Home Flipping Tax.
B.C. Home Flipping Tax
- Jan 1, 2025 implementation period – Retroactive
- Housing unit, zoned Residential, or assignments - Owned for less than 730 days (2 years) or less, even if purchased before Jan 1, 2025
- BC Home Flipping Tax Return – provincial – needs to be filed and paid within 90 days of sale – filed even if no profit or exemption applies – DO NOT need to file if property owned more than 729 days or you qualify for an exemption that exempts filing or are a developer with pre-sales
- Exemptions:
- Life Circumstances – death, inheritance, serious illness or disability, relocations (with conditions), change in household membership(related person moving in, birth), Breakdown of relationship, Involuntary Employment Termination, Threat to personal safety, Bankruptcy, Housing Unit Destroyed, Expropriation, Foreclosure, Builders who construct housing units, Vacant land, Substantial Renovations, Increase of Habitable Area by at least 100%, Demo and new build, Renovation to add an additional housing unit (bsmt suite, carriage house)
- Residential & Presale contracts – flipping tax applies to net taxable income from the sale
- Primary Residence Reduction – up to $20,000 off of your taxable income if you owed a home for more than 365 consecutive days but less than 730 days and you lived in the home.
Click here to review Bill 15 - RESIDENTIAL PROPERTY (SHORT-TERM HOLDING) PROFIT TAX
Click this link to watch a helpful video tutorial~
Property Tax Assessment Appeal Process~
An appeal of your B.C. Assessment Valuation must be done by January 31, 2025. The Property Assessment Review Panel will review the appeal as the first gatekeeper. If the ruling is unsatisfactory, you can appeal the ruling to the Property Assessment Appeal Board by April 30, 2025. You must file a complaint with the Review Panel BEFORE filing an appeal to the Appeal Board.
Click here to review B.C. Assessment's Appeal Page for further details.
As always, don't hesitate to contact me with any questions about the aforesaid indexed items or the current real estate market conditions.
Best,
Arran
Are you looking to buy or sell a home?
Please call me at 250-884-3980, and I can give you the expert guidance and help you need to make informed decisions and achieve your housing goals.
First-Time Home Buyer??
Call me at 250-884-3980 to chat about the ZERO-DOWN FINANCING OPPORTUNITY!
Some exceptions apply
Earn up to $1,000 if you refer someone who is looking for real estate services~
Click here to visit my website.
