Jason Balewski's blog
2023 Has come with a slew of changes to Canada's real estate laws and tax implications. The new Anti Flipping Rule applies if you make a profit on a property owning it less than 365 days. This profit is deemed to be 100% income, not capital gains, and taxable at your marginal tax rate, which can be as high as 53.3% or if you have a active corporation 12.2%
Starting in 2023, residential properties unoccupied for more than six months in a calendar year may face the Vacant Home Tax. This new policy applies to homeowners in Toronto.
As of Sunday, January 1, 2023, the federal government has implemented a two-year ban for non-resident buyers.
What is the Prohibition on the Purchase of Residential Property by Non-Canadians Act?
10 Nov 2021
by Corben Grant on 09 Nov 2021 originally posted to https://www.canadianrealestatemagazine.ca/
02 Jun 2021