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Important Update: BC Home Flipping Tax – Effective January 1, 2025

As of January 1, 2025, the BC Home Flipping Tax is now in effect.

Key Points

The tax applies to income from sales of residential properties, presale contracts, or assignments that are owned for less than 730 days (2 years).

Properties bought before January 1, 2025 are also subject to the tax if they are sold on or after this date and held for less than two years.

Tax rate:
20% for sales within the first 365 days of ownership.
The tax rate gradually decreases after 365 days and is eliminated at 730 days (2 years).

Applies to all entities: This tax affects any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency.

Exemptions:
Primary residences may be exempt from this tax under certain conditions. However, exemptions are subject to specific conditions and filing requirements.

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New property listed in Elgin Chantrell, South Surrey White Rock

I have listed a new property at 2998 147A ST in Surrey. See details here

Discover this beautifully maintained 7-bedroom, 4-bathroom home in the highly sought-after Heritage Trails neighborhood. Offering a traditional living & dining areas w/soaring high ceilings. The updated gourmet kitchen is a chef's dream, featuring granite countertops & stainless steel appliances, perfectly complemented by the cozy family room w/a welcoming fireplace.The main level also includes a convenient home office, laundry room & an updated powder room. Upstairs, the spacious primary bedroom boasts a spa-inspired ensuite, three additional bedrooms, ideal for family living. Modern updates throughout include new lighting, flooring & paint.The lower level offers flexibility with 2 bedroom suite which could be a 3 bedroom suite. Wonderful shopping & walking trails near by.

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