Anti-flipping and the Canada Revenue Agency
Essentially, under the new tax law, anyone who sells a property that they owned for less than 12 months (specifically, 365 consecutive days) will be considered to have “flipped” the house, and any profits from the deal will be taxed as business income.
Exemptions will apply to some changes in life circumstances;
Births of children
New Job
Divorce
Death
Disability; or other circumstances not yet known (the new legislation may or may not contain a detailed list).
