from BC Government: BC home flipping tax Last updated on April 30, 2024 The proposed BC home flipping tax applies to income from the sale of a property, including presale contracts, in British Columbia if the property was owned for less than 730 days. The tax is imposed under the Residential Property (Short-Term Holding) Profit Tax Act, which takes effect starting January 1, 2025, subject to approval by the legislature. Property purchased before the tax’s effective date may 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 separate and distinct from the federal property flipping rules and is not harmonized or administered with the federal or B.C. income tax. It is intended to discourage short-term holding of property for profit as part of the Homes for People Plan (PDF, 5.93MB). CONTINUED
03-05-2024
British Columbia Tax Mania
Well, it isn't as bad as what was proposed for you pied a terre owners, but the City of Vancouver has passed a resolution to raise the amount of the Empty Homes Tax from 1% to 1.25% in 2020 and another .25%/annum for the following 2 years. Full story below: https://www.vancouverisawesome.com/2019/11/28/empty-homes-tax-increase-2020-vancouver/ Declarations must be made by February 4th, 2020 for the 2019 tax year: https://vancouver.ca/home-property-development/empty-homes-tax.aspx
28-11-2019
British Columbia Tax Mania
Missing the small businesses which once made your neighbourhood so interesting and livable and charming? Well get ready to lose more of them as the BC NDP government expands its tax to death scheme to include school tax and speculation tax on the airspace above many Mom and Pop shops. Read Dan Fumano's article on the predicament here
15-05-2019
British Columbia Tax Mania