Mark Lewis tells Canadian Lawyer why British Columbia's new house flipping tax adds another layer of complexity to real estate transactions that lawyers advising on those deals must bear in mind.
British Columbia introduced the Residential Property (Short-term Holding) Profit Tax Act in its 2024 Budget. It will take effect January 1, 2025. The tax will apply to owners who sell their residential property less than 730 days after purchasing it.
Mark says that other changes since 2016, such as the Landowner Transparency Act, which requires additional filings and the foreign buyers' tax, have made property transfer tax returns more complicated.
"It is another complexity to bear in mind and to examine with your clients," he says.
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