Exceptions to the CRA Flipping Rules for the Sale of New Houses
Exceptions to the CRA Flipping Rules for the Sale of New Houses
The Canada Revenue Agency (CRA) has introduced flipping rules that apply to the sale of real estate. These rules aim to ensure that profits from the sale of properties are reported and taxed as business income rather than capital gains.
However, CRA recognizes...
The Principal Residence Exemption
The Principal Residence ExemptionThe principal residence exemption is a significant tax benefit in Canada, shielding homeowners from capital gains tax when they sell their primary home. However, for a property to qualify for this exemption, it must meet certain criteria. Let’s explore these requirements and the remedy available if a taxpayer...