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How Property Flips Are Taxed In Canada

As of January 1, 2023, CRA implemented a new anti-flipping rule that requires you to report any profit made from selling a property within 365 days after purchasing it as business income unless you meet one of the exclusions. But how do you determine if your sale is considered a flip or long-term capital gain? What factors do CRA and tax courts consider when making this determination? And most importantly, how can you minimize the taxes paid on flips? In this video, we’ll cover all of these topics and more. We’ll explain what’s considered property flips, how to decide if your sale is considered a flip, the 12 factors that CRA and tax courts look at, the tax implications of house flipping, and how to minimize the taxes paid on flips. If you're currently involved in flipping houses or planning to do so and are looking to maximize your profits while minimizing your tax liability, you’ll find this information very valuable. Key Moments In This Episode ======================== 0:00 - Intro 0:36 - What’s Considered a Property Flip? 3:43 - Anti-Flipping Rule 4:10 - 12 factors that CRA looks at when considering a Flip as a Business Income 8:34 - Tax Implication of Flipping Properties 10:45 - Examples with Different types of Ownership Structure 15:55 - How to Minimize Taxes Paid on Flips 17:30 - 10 Common tax deductions you can make as a flipper ---------------------- Please make sure to speak to a professional that knows your personal situation before making a decision. If you need to talk to someone on my team, email us at [email protected]. ---------------------- SIGN UP FOR OUR NEWSLETTER Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here: https://realestatetaxtips.ca/youtube ---------------------- Want to PAY LESS TAX as a real estate investor? Check Out All of My Tax Saving Resources HERE: https://realestatetaxtips.ca/resource. ---------------------- FOLLOW ME ON SOCIAL MEDIA: Facebook:  / realestatetaxtips   Instagram:   / realestatetaxtips   ---------------------- ⭐Cherry’s Best Real Estate Tax Tips ⭐ ➡️ Federal Budget 2023: What Everyone Needs To Know:    • Federal Budget 2023: What Everyone Ne...   ➡️Banking Crisis: How Canadian Investors Might Be Affected:    • Banking Crisis : How Canadian Investo...   ➡️New HST Residential Housing Rebate:    • New HST Residential Housing Rebate   ➡️What Everybody Ought to Know About Trust, Trustee & Trust Agreement:    • How Rental Income Is Taxed In Canada   ➡️How Rental Income Is Taxed In Canada:    • How Rental Income Is Taxed In Canada   ➡️Underused Housing Tax Act (UHT) in Canada: Who Needs to File and Pay?:    • Underused Housing Tax Act (UHT) in Ca...   ➡️ How To Claim Home Office Expenses:    • How To Claim Home Office Expenses   ---------------------- DISCLAIMER: Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice. The information contained in this video is for general information purposes only. The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk. In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information. #propertyflips #antiflippingrule #taxplanning #CRA #capitalgain #flipping #flippinghouses #flips #Assignmentflips #Preconstructionhomesales #Landflips #renovate #Wholesaling #businessincome #incometax #incometaxact #Canada #taxcourt #taxsavings #realestatetips #realestatetaxtips #Cherrychan