Canada’s Residential Property ”Flipping Tax” - Episode 9

In this episode, Kim G C Moody discusses the silly Canadian “flipping tax” that was introduced into Canada’s Income Tax Act effective 2023 forward. Kim explains the history of capital gains taxation, the principal residence exemption and the basics of why this new rule is completely unnecessary and duplicative. He comments on the British Columbia’s February 2024 Budget proposal that basically copies the federal “flipping” rule (with an interesting twist). He concludes the podcast by making the case for the elimination of this rule so as to protect Canadian taxpayers from unexpected surprises.