Ottawa to Implement Canada-Wide Anti-Flipping Tax
The federal government announced on Thursday that it is officially seeking to implement an anti-flipping tax on homeowners across Canada.
The proposed tax, included in the 2022 Federal Budget put forward by Minister of Finance Chrystia Freeland on Thursday, would affect homeowners who sell a principal residence that they’ve held for less than 12 months. According to the budget, the profits from this type of sale would be taxed as business income — a change from current Canadian legislation which allowed a capital gains tax exemption on all principal residences.
