The tax starts at 20 per cent on income from properties sold within one year, gradually declining to zero for those sold between 366 and 730 days.
A new tax to discourage home-flipping and measures to make it easier for first-time homeowners were announced Thursday as part of the 2024 budget.
The tax starts at 20 per cent on profit from properties sold within one year, gradually declining to zero for those sold between 366 and 730 days.The tax will cover properties sold on or after Jan. 1, 2025, and will apply even if the property was purchased before the effective date, the budget document said.
Owners who sell after about a year might be renovating and improving a home before selling, he said. “I’m not sure that activity needs to be taxed necessarily.”