Canada’s housing market has long been a key driver of the economy with house flipping being a profitable investment and a growing industry. However, as prices continue to fluctuate and with new anti-flip measures, the housing industry faces an uncertain future. Starting in 2023, the profit from selling residential property that has been owned for less than 365 days will be fully taxable as business income. Chris Mines is joined by Michael Ding, a tax lawyer with WeirFoulds LLP. They discuss the current state of the housing market, the rationale for the new anti-flip measures, and the tax implications for residential property sales. Some of the topics covered in this course include: The drop in housing prices The 2022 Fall Economic Statement Exceptions and possible repercussions of the 365-day rule Principal residence exemption and CRA reassessments The outlook for short-term rentals and more!