Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Subscribe to our newsletter here: realestatetaxtips.ca/youtube
Hi Cherry great video. If this property was purchased in april 2022 and sold in November 2022 with a profit. Would that profit be busines income or capital gain?
There're the criteria that you need to use to determine if you are flipping or not - without a full analysis - would be challenging to give you a definitive answer
Depends - you can be dinged on HST if you substantially renovate the property or if you have your own employees to work on the project.. be sure to check with an accountant that knows your situation
Thank you for this great video! Does this new anti-flipping tax apply for all properties in Canada even if it was purchased prior to January 1, 2023? or does it only apply to properties that were purchased after January 2023 and then were flipped within less than 365 days of the holding period? To be more precise, if a pre-sale condo was purchased in January 2021 for long term holding/rental purposes, completed October 2022 (subsequently rented out), and sold September 2023 with 11 months holding period, would the proceeds from this property sale be subject to be taxed as 100% business income?
after the deductible expense, the sale is a loss. how does the tax work? can we claim business loss and get deduct it from our personal incoming? Thank you.
Hey Cheery, Thank you for making this channel (& huge value-loaded free videos) that focuses on Canadian Real Estate Market. We mostly find US-based real estate channels here. Subscribed. Keep it up!
Hola Cereza, usted es asesora de bienes inmuebles? De ser asì, quisieramos obtener algun email donde conectarnos con usted! Somos de Saskatchewan( Canada). Gracias!
Thanks for the video, I had a question. Let's say I renovated a home that took 8 months, then after completeion I rent out all the units and sell the property after a year. Would I still get hit with the Anti Flipping tax? Thanks.
Hey cherry. If a property was purchased in 2022 in nov and sold in may 2023 does this make it a flip despite that the law didn’t come into effect for anti flips would this not be eligible for capital gains exemption?
Thanks so much for all your videos. So happy I found your channel. Do you also have a book on Canadian Real Estate, if not, I think you should totally write a book! Do you have any recommendations on existing books? I will be starting my real estate journey soon, I will give a consultation call to your office during the tax time next year. I am in Montreal area now but all my family is in Toronto area, they are very close to Oakville.
I would recommend that you reach out to our team before team prior to January 2024 in order to ensure that we can get you onboard and work with you. You can contact our office at 416-548-4228.
Fantastic tips Cherry ! Thanks for all the work you put in. Can you please make a video on the right ownership structure for a real estate investor that does flips
For this you would need to schedule an appointment with our team to understand you entire picture. You can reach us at 416-458-4228 or at www.realestatetaxtips.ca and our team will assist you in scheduling a meeting
@@RealEstateTaxTips To calculate the profit on the flip subject to tax, is it the spread between the sold price of the property minus the purchase price plus deductions? Eg. 750,000 - (400,000 + 150,000) = 200,000 $
Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Subscribe to our newsletter here:
realestatetaxtips.ca/youtube
Very important information
Thank you !
thanks for the great video, referring to 12:34 , would contributing to rrsp help to reduce the tax?
Hi Cherry great video. If this property was purchased in april 2022 and sold in November 2022 with a profit. Would that profit be busines income or capital gain?
There're the criteria that you need to use to determine if you are flipping or not - without a full analysis - would be challenging to give you a definitive answer
Do we have to pay HST/GST when flipping houses?
Depends - you can be dinged on HST if you substantially renovate the property or if you have your own employees to work on the project.. be sure to check with an accountant that knows your situation
@@RealEstateTaxTips just buying from distressed sellers and reselling. Mere paint and nothing else for renos.
We need the assignment sale tax rules
ua-cam.com/video/DeIlscI2tgs/v-deo.html
Thank you for this great video! Does this new anti-flipping tax apply for all properties in Canada even if it was purchased prior to January 1, 2023? or does it only apply to properties that were purchased after January 2023 and then were flipped within less than 365 days of the holding period? To be more precise, if a pre-sale condo was purchased in January 2021 for long term holding/rental purposes, completed October 2022 (subsequently rented out), and sold September 2023 with 11 months holding period, would the proceeds from this property sale be subject to be taxed as 100% business income?
It applies to closing of the sale happen on or after Jan 1, 2023
Thanks this is really helpful. Is downpayment part of acquisition cost?
after the deductible expense, the sale is a loss. how does the tax work? can we claim business loss and get deduct it from our personal incoming? Thank you.
Possible.
Hey Cheery, Thank you for making this channel (& huge value-loaded free videos) that focuses on Canadian Real Estate Market. We mostly find US-based real estate channels here. Subscribed. Keep it up!
Hope these videos are helpful!
what if loss?
Hola Cereza, usted es asesora de bienes inmuebles? De ser asì, quisieramos obtener algun email donde conectarnos con usted!
Somos de Saskatchewan( Canada).
Gracias!
Thanks for the video, I had a question. Let's say I renovated a home that took 8 months, then after completeion I rent out all the units and sell the property after a year. Would I still get hit with the Anti Flipping tax? Thanks.
Hey cherry. If a property was purchased in 2022 in nov and sold in may 2023 does this make it a flip despite that the law didn’t come into effect for anti flips would this not be eligible for capital gains exemption?
Flipping rules are applicable to closing happen since Jan 1, 2023
Thanks so much for all your videos. So happy I found your channel. Do you also have a book on Canadian Real Estate, if not, I think you should totally write a book! Do you have any recommendations on existing books?
I will be starting my real estate journey soon, I will give a consultation call to your office during the tax time next year. I am in Montreal area now but all my family is in Toronto area, they are very close to Oakville.
I would recommend that you reach out to our team before team prior to January 2024 in order to ensure that we can get you onboard and work with you. You can contact our office at 416-548-4228.
Fantastic tips Cherry ! Thanks for all the work you put in. Can you please make a video on the right ownership structure for a real estate investor that does flips
For this you would need to schedule an appointment with our team to understand you entire picture. You can reach us at 416-458-4228 or at www.realestatetaxtips.ca and our team will assist you in scheduling a meeting
Great tips Cherry!! Informative as always.
Thank you !
Fantastic video Cherry!
Thank you!
@@RealEstateTaxTips To calculate the profit on the flip subject to tax, is it the spread between the sold price of the property minus the purchase price plus deductions? Eg. 750,000 - (400,000 + 150,000) = 200,000 $