Jason Balewski Consultants's blog
The new Anti-Flipping Rule
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%
Toronto Vacant Home Tax
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.
Non-Resident Foreign Buyers Ban Now in Effect
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?
Important Update for Condo Owners
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10 Nov 2021
02 Jun 2021 New mortgage stress test rules take effect June 1 2021 |
