I just recently sold a property, does that classify me as a property flipper and pay taxes on capital gain ?
The answer to this question depends on the duration of ownership, frequency and intention of the seller. As per CRA rules, Canadian residential properties sold by taxpayers who held the properties less than 365 days to be a “flipped property,” unless the taxpayer can establish that they disposed of the property due to:
- The death of the taxpayer or someone related to the taxpayer.
- Changes to the composition of the taxpayer’s household.
Check CRA link for reference : Residential Property Flipping Rule - Canada.ca (opens in a new tab)
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