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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 ....
The Government of Canada has announced a two-year extension to an existing ban on foreign ownership of Canadian housing. The Prohibition on the Purchase of Residential Property by Non-Canadians Act Act was set to expire at the end of 2024, it will now be extended to January 1, 2027. ....
On December 2, 2022, the Privy Council passed an Order in Council confirming regulations related to the Prohibition on the Purchase of Residential Property by Non-Canadians Act the Act. The Prohibition on the Purchase of Residential Property by Non-Canadians Regulations the Regulation was published on December 21, 2022, in the Canada Gazette. The Regulation will come into force on January 1, 2023, along with the Act. ....