British Columbia Introduces the Flipping Tax—What is

The B.C. government announced in its 2024 budget a plan to introduce a tax the Flipping Tax on income earned from the sale of a property within 730 days of acquisition. The Flipping Tax, subject to legislative approval, will be imposed under the Residential Property Short-Term Holding Profit Tax Act scheduled to take effect January 1, 2025.1 The B.C. government estimates that the Flipping Tax will generate $43M of tax revenue in its first year.2

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