Flipping Your Personal Residence in Canada

Here is what you need to know before flipping your personal residence in Canada. 

In 2022, the federal budget has introduced new rules and regulations around flipping your own personal residence. In the past, contractors and home flippers would purchase properties and do extensive renovations, paint flooring trim, kitchens, bass, and whatever the home might have needed prior to, and then we're selling them without a capital gain. However, the new rules now suggest if the home is sold within the first 12 months, capital gains would be applied to the home sale.  However, if the investor or contractor decides to live in this home for over a year, then they can avoid paying a capital gains on the sale. If you're curious about this and looking for additional  information, feel free to reach out to myself or a licensed real estate agent who might be familiar and help you steer you in the right direction.