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
On April 30, 2024, the Government of Canada announced widely-anticipated amendments to the Impact Assessment Act IAA or Act as part of a 663 page omnibus budget bill. Canada announced the 2024 budget with the tagline Fairness for Every Generation, claiming that the amendments to the IAA are both constitutionally sound and allow for a more efficient assessment process.
Canada s federal government is turning to property technology Proptech to help solve the country s housing crisis. In the just-released 2024 Budget, new funding was announced to spur the development of new housing technologies and additional steps are on the way.