Category: Real Estate
The BC home flipping tax (the “Flipping Tax”) imposed under the Residential Property (Short-Term Holding) Profit Tax Act (the “Act”) took effect on January 1, 2025.
On March 4, 2025, it was announced that beginning in the 2026 taxation year the Speculation Tax rate will increase for all non-exempt property owners.
Unless an exemption applies, real estate purchases are subject to GST. To determine whether an exemption applies, the seller must consider how the property was used during its ownership.
The latest expansion of the Speculation Tax has expanded the tax to many Okanagan communities along with other previously excluded communities.
The BC government recently passed Bill 14 – Tenancy Statues Amendment Act, 2024, which amends the BC Residential Tenancy Act (RTA) and the BC Manufactured Home Park Tenancy Act (MHPA).
Earlier this year, the Province of British Columbia brought into force new rules that impacted short-term rental units.