Anti-Flip Measures and Residential Properties
Why the anti-flip measures are being implemented and the potential impacts on the housing market.
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!
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1 Video
Anti-Flip Measures for Residential Property Sales
59m 19s
Prior to joining WeirFoulds, Michael practised as Counsel at the Department of Justice Canada, representing the Crown before the Tax Court of Canada, Federal Court of Canada, Ontario Superior Court of Justice and the Court of Appeal for Ontario. Michael has experience in advising on various tax and dispute resolution issues. Michael received his Juris Doctor from Osgoode Hall Law School and his Honours Business Administration degree from Ivey Business School at the University of Western Ontario. Following law school, Michael served as a judicial law clerk at the Tax Court of Canada. When he’s not practising law, Michael enjoys skiing, scuba diving and cheering on the Toronto Raptors.
I have over a decade of multimedia experience as a desktop publisher, Livestream producer, PA announcer, webcast director, professor, emcee, and more. I am a radio broadcasting graduate with additional coursework in political science and journalism. I gained critical knowledge while shadowing veteran broadcasters. I have extensive training in creative writing, current affairs, freelancing, and story structure. I have crafted current affairs interviews with Justin Trudeau, Romeo Dallaire, Ed the Sock, Kenny and Spenny, and Mike MacDonald. I love working as a creative storyteller and having conversations with people from all walks of life. My goal is to connect with diverse voices and to foster discussions on complex issues while striving to make the conversations as accessible and inclusive as possible.
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