CCI Manitoba Chapter News

CRA introduces new rule to deter property flipping

An article published by Canadian Apartment, part of the REMI Network, alerted us to this new rule from the Canada Revenue Agency (CRA). Basically, any gain on the sale of a condo unit that was purchased within the prior 12 month period wll be classified as income, as opposed to being eligible for the 50% captial gains inclusion rate or the principal residence exemption. The rule tool affect January 1, 2023.

Note that some exemptions are available for changes in personal cirumstances and life events.

To access the details directly from the CRA, here is a link to their Residential Property Flippping Rule.